Whale clients are showing renewed appetite for Ether (ETH), a development that could benefit crypto customers looking to leverage market trends for returns. Data shared by blockchain analytics platform Lookonchain identified a mysterious whale who today acquired massive amounts of Ether tokens, an event that flashes a buying enthusiasm among large investors.
According to the market analyst, three new wallets belonging to the mysterious whale today spent $50.04 million in DAI stablecoins to purchase 25,425 ETH tokens. The whale bought the ETH tokens at an average price of $1,968 today, when Ether was hovering between $1,872 and $1,973.
Whales are Accumulating Ether Due to this Reason
The whale’s move to buy this huge amount of Ether tokens paints a wider picture that institutional investors are quietly accumulating ETH at prices they consider a market dip, positioning themselves for possible upcoming price recoveries. The development is further supported by another serious institutional investor, Bitmine Immersion Technologies, which added another 10,000 ETH tokens to its Ether treasury today.
According to data from crypto analytics platform Cockpit, Bitmine continues to accumulate Ether tokens in its Ethereum treasury. Today, the company bought another 10,000 ETH and added it to its portfolio, bringing its total holdings to 5,787,414 ETH and making it the largest corporate Ethereum holder worldwide.
In short, the purchases initiated by the two whales above show that strategic institutional investors embrace robust confidence in Ether’s future long-term capability, using the same strategy of amassing ETH periodically during market dips to build up holdings.
 
ETH Prepare to Push Above $2,200
The event shows that whales are beginning to engage in rekindled ETH buying activity after weeks of active profit-taking. Today, Ether trades at $1,929.18, an impressive uptick brought by 9.0% and 21.4% price rises noted over the past two weeks and 30 days, respectively, as per CoinGecko data. The key driver of these surges is renewed accumulation among whales and ETF investors, giving the asset the strength to climb to the $2,000 mark soon.
Currently, Ether prints a bullish W-shaped structure on its weekly timeframe, suggesting the asset is likely to rise above the crucial $2,200 resistance level in the coming days. Technical analysis shows that $1,800 is its current strongest support level on the chart, with bulls firmly in control. The asset is currently trading on a robust bullish pattern, which is set to enable it to challenge the $2,200 region in the next few days.
Be the first to comment