ETH, which rose to $2,700 in January as attention turned to Ethereum ETFs after the approval of the Spot Bitcoin ETF, fell to $2,100 with the subsequent correction.
However, ETH, which has increased again in recent hours, is above the $ 2,300 level.
At this point, a smart whale took advantage of the recent rise in ETH and deposited approximately 33,000 ETH, worth $75 million, to Binance.
According to Spot on Chain's post, a whale who is good at finding price peaks and valleys sent 32,930 Ethereum to Binance.
“The whale named czsamsunsb.eth deposited 32,930 ETH (worth $75.74 million) to Binance at $2,300 ~40 minutes ago as the price rebounded.
Particularly in the past, Whale would often move ETH to Binance before the price crashed.
Currently, the whale still has 12,186 stETH (worth $28.1 million) in the Lido.”
Notably, in the past, the whale often moved out $ETH to Binance before the price dropped.
— Spot On Chain (@spotonchain) February 5, 2024
While Spot on Chain specifically pointed out that this transaction coincided with the whale's historical behavior of often transferring Ethereum to Binance before ETH experienced significant price declines, the ETH transfer made while the market was showing signs of recovery made investors worried about a possible decline.
“Analysts Keep Ethereum Rising!”
However, successful analyst Michael van de Poppe argued in his latest analysis that ETH is resistant to the decline and maintains the important support level of $2,150.
At this point, Poppe remains optimistic about ETH, claiming that ETH has the potential to exceed $3,000 in the second quarter of the year as long as Ethereum maintains the important support level of $2,150.
“Ethereum maintains the critical support level at $2,150.
“As long as ETH continues to maintain this support level and the rise continues, I think we will still see above $3,000 in the second quarter.”
Again, popular analyst Ali Martinez appears as one of the analysts who expect an increase in ETH.
In his post, Martinez said that 510,000 Ethereum worth approximately $1.22 billion were withdrawn from cryptocurrency exchange wallets in the last three weeks.
Stating that this significant outflow indicates investor sentiment and potentially less selling pressure for Ethereum, the analyst argues that on-chain data shows that a potentially strong rise will continue.
“In the past three weeks, approximately 510,000 ETH have been withdrawn from known crypto exchange wallets, totaling approximately $1.22 billion!
“This significant breakout indicates strong Ethereum investor sentiment and potentially less selling pressure.”
*This is not investment advice.