Ethereum (ETH) is developing momentum after a whale grabbed interest by withdrawing and staking massive amounts of ETH tokens. The activity, identified by Onchain Lens, has aroused positive sentiment among crypto users.
Whale moves to Ether staking
Today, according to data reported by Onchain Lens, the whale withdrew 1,427 ETH tokens (worth $2.93 million) from Kraken and staked them in Lido Finance after two months of dormancy. Over the past six and half months, the whale withdrew 5,861 ETH tokens ($17.23 million) and is currently at a $5.34 million loss due to recent price declines.
The whale decided to boost his accumulation by sending some tokens to the DeFi sector for staking. By depositing them on the Lido staking platform, the investor earns interest based on his holdings.
Ether price updates
This investor’s activity attracted crypto market participants to let their Ethereum holdings do the work for them. This optimism aligns with whales’ activity, drawing attention to Ethereum’s potential. The crypto market is recently witnessing mild recovery as Ether registered a 0.7% price rise in the past seven days. This increase coincides with a minor rebound in the broader digital asset market.
Ether has been displaying signs of recovery as big crypto holders renewed buying activity. Recent buyers’ activity boosted the asset’s recovery, with the token currently maintaining its value above $2,000. Its price has been up 8.3% over the past two weeks, currently hovering at $2,026, down 1.9% over the previous day.
The asset is currently witnessing a bullish sentiment amid accumulation behavior among large crypto holders. Its transaction volume has risen by 20.31% over yesterday, currently standing at $31.85 billion. This suggests significant outflows and decreased selling activity as several investors are transferring their assets to cold wallets or DeFi projects. Such outflow is an indicator of accumulation as investors, especially whales, are holding their Ether, hoping for a future price surge. This suggests rising confidence in Ether’s potential, as investors seek to purchase the asset at they consider a market dip.
Despite buying activity and decreased selling pressure, Ether is facing challenges. While in the past five days, it maintained its value to stay above the crucial support level of $1,980, it struggles to move above the resistance level of $2,065. This shows that the market is still uncertain about short-term movements.
