Amid the ongoing Bitcoin-fueled market rally, Ethereum (ETH) has been grabbing the attention of many investors as it steadily approaches the $1900 price region. Over the last seven days, Ether, also known as ETH, has witnessed a 5.85% increase, contributing to a total price surge of 15.17% in the past four weeks.
Interestingly, a recent whale movement has sparked additional speculation around Ethereum, suggesting that the largest altcoin may be on the verge of a price surge. According to blockchain analytics platform Lookonchain, a whale with the wallet address “0xb15” purchased 8,698 ETH from the Binance exchange, amounting to approximately $15.94 million. The transaction also involved the deposit of 31.8 million USDT.
This particular transaction has garnered attention due to the previous activities of this Ether investor, referred to as a “smart” whale by Lookonchain. The whale in question has carried out eight ETH transactions since February 12, boasting an impressive win rate of 87.5% and a collective profit of $13 million.
The smart whale, identified by the wallet address “0xb15,” has built a reputation for buying low and selling high in the market. A recent example of this strategy occurred on November 2, when the whale deposited 24,495 ETH ($45 million) on Binance shortly after purchasing 24,548 ETH valued at $39.8 million. This move resulted in a profit margin of approximately $5.47 million.
Considering the recent purchase made by “0xb15,” many traders are now on high alert as it indicates the whale’s anticipation of a sustained increase in Ethereum’s price in the coming days.
Examining Ethereum’s daily chart, it becomes evident that the altcoin is on the verge of breaking into the $1900 price zone if the current buying pressure persists. However, investors need to be mindful of the token’s Relative Strength Index (RSI), which currently stands at 71.43. This level indicates that Ethereum is now in the overbought zone and may potentially experience a trend reversal.
In addition to the whale activity, there has been a significant outflow of Ether from centralized exchanges (CEXs). Data from IntotheBlock reveals that CEXs recorded an outflow of $210 million worth of Ethereum in the last seven days. This marks the largest weekly outflow of Ether from exchanges since August.
The increased outflow is a strong indicator of the bullish sentiment surrounding the Ethereum market, as a decrease in the token’s supply on exchanges typically corresponds to heightened purchasing activity by investors.
At the time of writing, Ethereum is trading at $1890.95, showcasing a gain of 2.61% in the last 24 hours. However, the daily trading volume of the token has decreased by 11.485 and is currently valued at $6.02 billion.
Ethereum’s recent price movements and the involvement of a smart whale have stimulated attention and speculation within the cryptocurrency market. While the altcoin approaches the $1900 price region, investors should closely monitor the buying pressure and be cautious of a potential trend reversal indicated by the token’s RSI. Furthermore, the significant outflow of Ether from centralized exchanges reflects the bullish sentiment surrounding Ethereum. As the cryptocurrency landscape continues to evolve, it will be intriguing to see how these developments impact Ethereum’s future performance.