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Crypto Whale Buys $185.5 Million in Ethereum (ETH): Price Impact

2 mins
Updated by Bary Rahma
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In Brief

  • Crypto whale 0x7a9 acquires $185.5 million in Ethereum over three days, signaling strong market confidence.
  • Analysts express bullish outlook on Ethereum, citing strategic acquisitions and potential for significant growth.
  • Upcoming Ethereum upgrades and potential spot ETF approval may serve as catalysts for further price increases.
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A prominent crypto whale buys Ethereum (ETH) worth millions getting the industry’s attention with this staggering acquisition spree.

This strategic ETH accumulation prompts a broader discussion on the potential ramifications for Ethereum’s price trajectory amidst a backdrop of bullish sentiments from leading analysts.

Crypto Whale Buys Ethereum

A notable crypto whale, identified by blockchain analytics firm Spot On Chain as 0x7a9, has made significant Ethereum (ETH) acquisitions totaling $185.5 million over the past three days.

This buying spree included purchasing 13,526 ETH valued at approximately $39.85 million. Individual transactions highlight the withdrawal of 10,136 ETH, around $29.85 million, from Binance. They also reveal the procurement of 3,390 ETH in exchange for 10 million USDT on 1 inch.

Furthermore, the whale’s activity extended to withdrawing an additional 40 million USDT from Binance, sparking speculation about further ETH acquisitions.

This strategic accumulation of ETH by a single entity reflects the growing confidence in Ethereum as a leading digital asset. It also prompts a discussion on its potential price impact. With Ethereum currently trading at around $3,000, the actions of such influential market participants are closely monitored for their possible effects.

Analysts are keenly observing the situation, with Michaël van de Poppe expressing a bullish outlook on Ethereum, anticipating a “strong continuation” of its performance. Similarly, Skew’s analysis focuses on Ethereum’s resilience and potential for growth.

“I’m keeping a close eye on this current zone, depending on the level of spot buying into dips will identify how strong ETH remains compared to BTC in the near term,” Skew said.

He noted that any dips in its price, especially around $2,700, should be considered advantageous buying opportunities. Meanwhile, the $2,300 range is described as “generational.”

Read more: Ethereum (ETH) Price Prediction 2024 / 2025 / 2030

Ethereum Price Performance
Ethereum Price Performance. Source: TradingView

Amidst these developments, Lark Davis points to the imminent Dencun upgrade and the possibility of an Ethereum ETF approval coming in May as catalysts that could propel Ethereum to new heights. Such milestones are critical for Ethereum’s ecosystem, potentially enhancing its attractiveness to retail and institutional investors.

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Bary Rahma
Bary Rahman, a talented journalist, graduated from New York University with a degree in Journalism. Skilled in SEO, she has worked with CNN, showcasing her investigative skills and storytelling abilities. In addition to her journalistic accomplishments, Bary has contributed her expertise as a content writer for Binance, crafting insightful articles on the dynamic crypto industry. Her unique fusion of journalism and SEO makes her a versatile and highly respected figure in the industry.
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