Over the past week, Ethereum (ETH) has captured the attention of many investors as it gradually approaches the $1900 price zone. Like many assets riding the Bitcoin-driven market rally, ETH, also known as Ether, is up 5.85% over the past seven days, bringing its total price increase over the past four weeks to 15.17%.
Interestingly, a recent whale move has now added more speculation around ETH, leading to suggestions that the largest altcoin could experience a price increase soon.
‘Smart’ Whale Buys Ether Worth $15.94 Million – What Could They Know?
In a Sunday message on .
This transaction has attracted a lot of attention due to this Ether investor’s past history. Lookonchain, colloquially known as a ‘smart’ whale, notes that ‘0xb15’ has executed 8 ETH trades since February 12, with a win rate of 87.5% and a total profit of $13 million.
Bought the smart whale $ETH again!
The whale dropped off 31.8 million people $USDT Unpleasant #Binance and withdrew 8,698 $ETH($15.94 million) 3 hours ago.https://t.co/heBjvbk1Oihttps://t.co/hDNN69qn3h pic.twitter.com/n0SmpqMsVI
— Lookonchain (@lookonchain) November 4, 2023
This smart whale is best known for buying low and selling high. Most recently, she deposited 24,495 ETH ($45 million) on Binance on November 2, shortly after purchasing 24,548 ETH worth $39.8 million, leading to a profit margin of approximately $5.47 million.
Following the purchase by “0xb15” on Sunday, many traders are likely on high alert as it indicates that the whale is expecting a continued rise in the price of Ether in the coming days.
Looking at Ether’s daily chart, the altcoin is poised to break into the $1900 price zone if this buying pressure continues. However, investors should note that the token’s Relative Strength Index (RSI) now stands at 71.43, indicating that the token is now in the overbought zone and could experience a trend reversal.
ETH market records largest weekly outflow of CEXs since August
In other news, Centralized Exchanges (CEXs) Just Recorded an Outflow of $210 Million in Ether in the Last Seven Days, According to data from IntotheBlock. This marks the altcoin’s largest weekly outflow from CEXs since August.
This data only reflects the strong bullish sentiment surrounding the ETH market, as a reduction in the supply of tokens on exchanges reflects an increase in buying activity by investors.
At the time of writing, Ether is trading at $1890.95, with a gain of 2.61% on the last day. However, the token’s daily trading volume has fallen by 11,485 and is valued at $6.02 billion. With a market capitalization of $227.4 billion, Ethereum remains the second largest cryptocurrency in the world.
ETH trading at $1,896.73 on the daily chart | Source: ETHUSDT chart on Tradingview.com
Featured image from iStock, chart from Tradingview