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February 22, 2024
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Whales Activated: A Massive Breakout in the Ethereum (ETH) Price is on the Horizon

The post Whales Activated: A Massive Breakout in the Ethereum (ETH) Price is on the Horizon appeared first on Coinpedia Fintech News

As the Bitcoin price has found a strong support base around $37,500, the altcoins are trading cool-headedly. Ever since Ethereum recovered the massive drop from $2021 to $1932 a few days ago, it has been closing the day’s trade above $2000 constantly. The growing strength among the bulls appears to have induced confidence among the whales, who have been increasing their activities off-let.

A huge bullish signal has been let out for the ETH price as the big players appear to have turned optimistic about the token’s upcoming trend. As per the data released by a popular blockchain tracker and interesting on-chain transaction reporting system, Whale Alert, nearly 100K ETH has been removed from exchanges to unknown wallets.

With this move, market participants have also become hopeful for the upcoming price action. Many foresee this as a massive bullish sign, while others believe withdrawing at this time could be too unpredictable. However, no major impact on the price is seen as of now, but in the long term, the rally may remain under bullish influence.

Besides, whales have also tried to increase the volatility of ETH prices in recent times. An onchain data provider, Lookonchain, recorded an interesting trade performed by a whale. Accordingly, the whale bought nearly 2,762 ETH worth $5.04 million in the first few days of November at an average price of $1,825 and sold more than 3,100 ETH at an average price of $2,023.

This indicates the whales have been actively monitoring the Ethereum price action, and hence big moves may be fast approaching. However, the price appears to be poised to reach the pivotal resistance at $2,100, as it is holding strongly above the support at $2000. Therefore, a monthly close above these levels may trigger a fresh upswing to close the yearly trade on a bullish note.

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