Recent data reveals that Ethereum whales acquired nearly 1 million ETH in a single day, the largest increase since 2018. This event occurs amid a general increase in investor confidence.
Large Whale Purchases
As of now, Ethereum whales have shown significant increases in their holdings, acquiring nearly 1 million ETH in a single day. This is the highest rate since 2018 and indicates strong investor confidence in the current market situation.
Exchange Reserves Decrease
Ethereum reserves on centralized exchanges have reached the lowest level in years, totaling 18.7 million ETH. These findings from CryptoQuant indicate an ongoing trend of long-term holdings, with negative netflows observed on exchanges.
Price Development Prospects for ETH
Currently, Ethereum is trading at approximately $2,533, having corrected 10% over the past week. A breakout above the $2,700 mark could lead to a rally towards $4,000. Conversely, a pullback might occur to the $2,000 - $2,050 range.
Thus, recent market events concerning Ethereum, including whale purchases and declining exchange reserves, could herald significant changes in the cryptocurrency's price dynamics. By watching the $2,700 level, investors may anticipate possible breakouts and further fluctuations.
