Ethereum Whale Activity Ramps Up Amid Market Recovery
Release: 2024/09/28 18:24 Reading: 394
Institutional Activity and Whale Transactions Surge Amid Ethereum Price Recovery
Institutional players like Cumberland and ParaFi Capital have made significant movements, contributing to the surge in Ethereum whale transactions.
Whale Transactions
A notable whale, inactive for four months, has sold 12,979 ETH ($34.3 million), generating a profit of $58.8 million. The whale, with a 141x return on investment, holds 5,760 ETH ($15.5 million).
Institutional Activity
Cumberland deposited 11,800 ETH ($31.88 million) into Coinbase, while ParaFi Capital withdrew 5,134 ETH ($13.83 million) from Lido, reflecting strategic selling during Ethereum's price recovery.
Whale Trade Linked to 3AC
A whale linked to 3AC made a noteworthy trade, acquiring 28.03 million 3AC tokens and selling them for a profit of 561 ETH ($1.5 million).
Ethereum ETF Inflows
U.S. spot Ethereum ETFs saw a combined net inflow of $58.7 million on September 27th. Fidelity's FETH led with $42.5 million in inflows.
Ethereum's Price Performance
Ethereum trades at $2,694.36, up 1.83% in the last 24 hours. Technical indicators suggest mild overbought conditions on the 4-hour chart and bearish momentum on the 1-hour chart.
A positive crossover on the moving averages signals potential bullishness. Support is at $2,630, resistance at $2,700. If Ethereum sustains above $2,700, it could target $2,800. A break below $2,630 may lead to a retest of $2,600.
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