In a significant market development, Ethereum whales have been making waves with massive accumulations, signaling potential bullish momentum for the second-largest cryptocurrency. Over the past 72 hours, these large-scale investors have purchased a staggering 430,000 ETH, worth approximately $1.2 billion at current prices.
This surge in whale activity comes as Ethereum trades at $2,730, testing key resistance levels between $2,750 and $2,800. The increased buying pressure from whales has sparked optimism among analysts, with some predicting a potential breakout that could push Ethereum’s price towards the $4,000 mark.
Adding to the intrigue, a major whale has re-emerged after 500 days of inactivity, withdrawing 4,700 ETH (valued at nearly $13 million) from exchanges to a new hot wallet. This move suggests renewed confidence in Ethereum’s long-term prospects.
The accumulation trend isn’t limited to a few days. Since February 3, Ethereum’s largest holders have maintained positive net inflows for 14 consecutive days, acquiring a total of 918,506 ETH valued at approximately $2.5 billion. This sustained buying activity reflects growing confidence among Ethereum’s biggest stakeholders, despite broader market turbulence.
However, the market sentiment remains mixed. While whales are accumulating, some institutional investors show signs of selling pressure. Grayscale and Fidelity ETFs have seen $13.09 million in net outflows, indicating a complex market dynamic.
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While the crypto market remains volatile, the simultaneous movements in Ethereum and the rise of THE NEW MAGACOIN OFFICIAL highlight the dynamic nature of the cryptocurrency landscape. As always, investors are advised to conduct thorough research and consider their risk tolerance before making investment decisions.
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