- ETH shot up above $2,700 in the past 24 hours as chances of a reversal rose.
- Between Feb 1 and Feb 9, the number of addresses having more than 10K ETH rose 2.30%.
- ETH whales withdrew 121,512 ETH (~$323.4 million) from Bitcoin and Bitfinex crypto exchanges.
ETH is on the verge of a potential short-term reversal as the cryptocurrency currently trades at $2,700.01, up 2% in the past day.
According to noted crypto analyst Ali Martinez, deep-pocketed investors, known as whales, have been snapping up huge amounts of ETH, capitalizing on the recent crypto market downturn. This could mean a reversal is in the works.
Whale Wallets Swell During Price Dip
Martinez pointed out in a post on X (formerly Twitter) that there’s been a significant increase in Ethereum “mega-whales” (those holding 10,000 ETH or more).
Between February 1st and 9th, the number of these addresses jumped from 941 to 963 – a 2.30% rise. Historically, when this kind of buying happens during a price slump, it’s often a sign that whales are confident the price will bounce back
Exchange Data Backs Up Whale Buying Spree
Adding more credence, blockchain sleuths at Lookonchain reveal…
The post Ethereum Price Set for a Shift as Large Holders Buy In appeared first on Coin Edition.
Coin Edition – Read More