Ethereum Whale Accumulates 65K ETH, A Price Rally Ahead?

In a whirlwind of notable events witnessed recently, Ethereum, the world’s second-largest cryptocurrency by global market cap, once again stirred a whirlpool of speculations among crypto market enthusiasts globally as a whale continued accumulating colossal amounts of ETH. As per insights offered by the on-chain tracker Spotonchain, the massive whale accumulation, showcasing roughly 65K ETH bought in the past three days by an unknown wallet address, nabbed significant attention across the global crypto realm.

Meanwhile, February came as a promising month for Ethereum as the token witnessed phenomenal pumps with the anticipation of an ETH ETF looming over the crypto horizon. As of press time, CoinMarketcap’s data showcased a marginal jump in ETH price, birthing speculations over the whale accumulation’s impact on ETH’s price action.

Massive whale accumulations continue to echo a bolstered price sentiment within the broader crypto market as it significantly reduces a token’s circulating supply, as seen in today’s ETH pump.

Crypto market enthusiasts continue to extensively eye the token as leading analysts like Michael van de Poppe anticipate ETH to rally further. This propels market optimism for the token, further garnering attention to the significant whale accumulation mentioned above.

A Look Into The ETH Whale’s Accumulation Spree

According to the data revealed by Spotonchain, the address 0x7a9 gathered 13,526 ETH, worth $39.85 million, at $2,947 today, February 21, piquing the crypto market’s attention. Aligning with this, 10,136 ETH, worth $29.85 million, was withdrawn from Binance, the world’s leading crypto exchange, whereas 3,390 ETH was bought from 1 inch for 10 million USDT. Whilst, the whale accumulated 64,501 ETH, worth a staggering $185.5 million, collectively over the past three days.

Intriguingly, the whale withdrew another 40 million USDT from Binance today, birthing speculations over future plans to accumulate ETH. This phenomenon appears to have amassed noteworthy attention as further massive accumulations could push the price up a notch. This potentially paves the way for Ethereum’s run beyond $3K once again.

Also Read: Binance Announces 47th Launchpool Project PORTAL, BNB Price Jumps

Ethereum Price Springs

As of writing, the Ethereum price noted a marginal upswing of 0.09% over the past 24 hours and is currently trading at $2,918. Although the token sprinted past the $3K mark this week, a highly volatile movement pushed the token to maintain a price flux near the $3K mark.

With the odds of a potential Ethereum ETF weighing in, the price showcased remarkable upward movements in recent days. As mentioned above, the whale accumulation further aids this upward momentum, fueling thoughts on a bullish run for ETH ahead. The fear and greed index for Ethereum also painted a bullish climate for the token, showcasing an extremely greedy sentiment prevailing. Moreover, with the Dencun upgrade weighing in, Ethereum is expected to continue its upward momentum.

Also Read: Crypto Market Braces for $6B Bitcoin (BTC) & Ethereum (ETH) Options Expiry, What to Expect?

The post Ethereum Whale Accumulates 65K ETH, A Price Rally Ahead? appeared first on CoinGape.