Amid the sharp ETH price pump on Friday, Ethereum whales have been showing mixed behavior, with some seeing this as a “sell on rise” opportunity, while others are building fresh positions. On the other hand, after a 20% pump, ETH remains firm, flirting around $2,400 levels.
Ethereum Whales Show Mixed Behaviour
As per the data from Arkham Intelligence, a major Ethereum Initial Coin Offering (ICO) participant, who acquired 76,000 ETH at Genesis for $23,560—deposited their remaining 1,900 ETH (valued at $4.44 million) to crypto exchange Kraken.
Additionally, Arkham reported that the Ethereum whale, who sold all their Ethereum holdings three months ago at an average price of $2,740, incurred a loss of approximately $11 million on the trade. However, the investor has re-entered the market with aggressive purchases over the past month.
One month ago, the Ethereum whale returned to the market, purchasing 2,713 ETH for $4.07 million at a price of $1,502 per ETH. As ETH price surged, the whale doubled their bet, acquiring an additional 9,023 ETH for $20.55 million at $2,277 per ETH.
Source: Arkham Intelligence
As reported by CoinGape, World Liberty Financial was also quick to buy the Ethereum dips under $2,000, adding 1,587 ETH, worth $3.5 million yesterday. Other institutional players have also been looking for potential entries after the heavy ETH correction this year.
ETH Price – Pump or Dump at $2,400?
In a swift god candle recovery on Thursday, ETH price surged 20%, shooting to the crucial resistance of $2,400, while extending its weekly gains to more than 32%. The open interest still remains high at $27.5 billion, showing traders are willing to take bullish bets.
Veteran market trader Peter Brandt has also shared a bullish outlook for ETH, noting that Ethereum’s current congestion pattern could set the stage for a significant price surge.
Source: Peter Brandt
Other market analysts also believe that Ethereum could be ready for a parabolic rally ahead. Prominent crypto commentator Mister Crypto has highlighted Ethereum’s ($ETH) attempt to reclaim its yearly open, a move that previously triggered a parabolic ETH price surge, coupled with Ethereum whale activity.
In a recent post, Mister Crypto remarked, “Ethereum is trying to reclaim the yearly open. Last time this happened, $ETH went parabolic. This time won’t be different!”
Source: Mister Crypto
Market analysts are hopeful the current Ethereum price action could kickstart altcoin season which traders have been waiting for long.
The post Ethereum Whales Show Mixed Behaviour, Will ETH Price Rally Continue? appeared first on CoinGape.
