Something interesting is happening beneath the Ether (ETH) market. People are increasingly interested in the market, possibly due to the recent hike in prices.
New metrics reported today by Onchain Lens disclosed that a trader has spent $20 million USDT to buy 5,097.17 ETH at a price of $3,924.
Whales Accumulating ETH
This massive ETH withdrawal signals market confidence in Ether, particularly as its price continues to rise. This trading activity suggests whales are quietly adding ETH to their portfolios. These silent acquisitions could be a robust indicator of Ether’s upcoming price action.
According to the latest data (dated three days ago) from market analyst Ali Martinez, big investors, popularly known as whales, have bought over 1.3 million Ether tokens valued at $4.18 billion in the last two weeks.
This increase in buying activity indicates institutions are preparing themselves for an upcoming bull run, expecting notable surges in ETH price in the coming months. These calculated accumulations have in the past paved the way for consistent upturn movements.
ETH Consolidation Attracts Inflows
This withdrawal and the current increased investor participation have created a positive impact on the Ether price. The flagship altcoin is currently trading at $3,890.76, up 3.1% over the past 24 hours. During this period, the asset’s trading volume surged by 48.60%, indicating an increased market activity from traders compared to the past days.
The asset’s price has risen impressively during recent bullishness in the broader crypto market, surging from a low of $2,106 on June 25 (last month) to the current high of $3,800 in just 30 days. Despite the remarkable surge, Ether is currently experiencing a light consolidation – its price has been up 2.7% over the past seven days. Amid the correction, the token is witnessing robust demand from buyers.
The recent continued price hike has been drawing significant interest from investors from both spot and derivatives markets. CoinGlass metrics indicate that Ether’s Open interest (OI) has increased today by 8.24%, meaning futures traders are entering into the market, revamping their premium positions.
In another important technical indicator, ETH RSI currently stands at 82.06, suggesting the market is overbought and therefore may experience a corrective pullback. This means that ETH will continue to experience a short-term pullback, despite displaying rejuvenated strength.
Recent consolidation, which enabled the asset to trade its values between $3,500 and $3,800 levels for several days, has rapidly attracted purchasing interest. All these events indicate that ETH is preparing for a new upward movement, which could potentially enable it to surpass the ATH of $4,878 reached more than three years ago on November 10, 2021.
