Ethereum (ETH) is primed to experience impressive uptrends as it is currently seeing massive withdrawals initiated by whales. Today, crypto analyst Data Nerd spotted another whale who accumulated huge amounts of Ether from an exchange.
Whale withdraws 56,909 ETH
Today, Feb.11, Data Nerd made a post on X mentioning that another whale had withdrawn a large 56,909 ETH worth $151.634 million from Binance.
The move signals that big investors have heightened Ether withdrawals. Recently, the asset has experienced significant changes in its market dynamics, with huge numbers of ETH tokens being withdrawn from CEXs, especially Binance.
On Feb.8, last Saturday, eight different whales withdrew 12,624 ETH tokens worth $33.12 million from different exchanges. This activity fueled rumors about the asset’s price uptick and long-term potential. Asset withdrawals are often regarded as a purchase and suggest accumulation. The activity of these whales signals the right time for a buying opportunity.
Metrics by crypto analyst Data Nerd indicated that the whale channeled most of his ETH tokens into Lido, Aave, Ether.Fi, and Spark. This suggests a shift in market strategy as big investors are diversifying some of their ETH investments. They are now depositing part of their Ether assets to liquid staking protocols (like Lido, Aave, Ether.Fi, and Spark) for growth potential.
Ethereum price updates
Ethereum has been experiencing a prolonged correction trend after an expanded market rally. The wider cryptocurrency market remains uncertain triggered by recent macroeconomic fears, which made Bitcoin experience consolidation while altcoins trying to stabilize their movements.
ETH has recently witnessed recovery, currently standing at $2,709.56, up 2.6% over the previous day, signaling a possible change in momentum. However, since last week, the asset has been facing hurdles to surpass the $2,750 resistance level.
The asset appears to embrace a bullish trend. It has broken out from a descending triangle pattern, an indicator that selling pressure is weakening, and points out a possible change toward token acquisition. The recent price recovery signals buyers are gaining control. However, this can be confirmed if the asset manages to surge above the $2,800 resistance level.
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