In the past week, Ethereum (ETH) has been gaining significant attention from investors as its price inches closer to the $1900 region. This surge in price is in line with the overall market rally fueled by Bitcoin. ETH has seen a 5.85% increase in the last seven days, contributing to a total price increase of 15.17% in the past four weeks.
Notably, a recent whale movement has sparked speculation about ETH and suggests that the largest altcoin may experience a price surge in the near future.
According to a post on the blockchain analytics platform Lookonchain, an ETH whale with the wallet address “0xb15” recently purchased 8,698 ETH worth $15.94 million from the Binance exchange. The whale also deposited 31.8 million USDT during the transaction. This transaction has garnered attention due to the whale’s previous trading history. Referred to as a “smart” whale, the wallet address “0xb15” has conducted eight ETH transactions since February 12, with an impressive win rate of 87.5% and an aggregate profit of $13 million.
This smart whale is known for buying ETH when prices are low and selling when prices are high. In a recent deposit on Binance, they added 24,495 ETH valued at $45 million, resulting in a profit margin of approximately $5.47 million. The whale’s latest purchase on Sunday has put many traders on high alert, indicating that they anticipate a continuous rise in Ether’s price in the coming days.
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Looking at Ether’s daily chart, it is evident that the altcoin is poised to break into the $1900 price zone if the buying pressure continues. However, investors should be cautious as the token’s Relative Strength Index (RSI) currently stands at 71.43, signaling that it is in the overbought zone and may experience a trend reversal.
In addition to the whale activity, there has been a significant outflow of Ether from centralized exchanges (CEXs) in the last seven days. According to data from IntotheBlock, CEXs recorded an outflow of $210 million worth of ETH. This marks the largest weekly outflow from CEXs since August. The increase in purchasing activity by investors, reflected in the reduction of ETH supply on exchanges, demonstrates strong bullish sentiment surrounding the ETH market.
At the time of writing, Ether is trading at $1890.95, with a 2.61% gain in the last day. However, the token’s daily trading volume has decreased by 11.485 and is valued at $6.02 billion. With a market cap of $227.4 billion, Ethereum remains the second-largest cryptocurrency globally.
The accompanying chart shows Ether trading at $1,896.73 on the daily chart. This visual representation reinforces the recent price movements and can aid in analyzing future price trends.
Overall, Ethereum’s recent price surge, coupled with the smart whale activity and significant outflow from exchanges, indicates positive market sentiment and hints at a potential price surge in the near future. However, investors should remain cautious and consider factors such as the overbought RSI as they make their investment decisions.
