Major Ethereum Whale Accumulates $7 Million in ETH Amidst Market Recovery

A significant Ethereum whale has made a substantial purchase, increasing their ETH holdings. The whale, who already held millions of dollars worth of Ethereum, acquired 1,800 ETH valued at $7 million, bringing their total investment to approximately $99 million.

Accumulation Patterns and Market Sentiment

The whale’s recent purchase occurred as the price of Ether hovered near $3,900. This acquisition is part of a larger accumulation pattern, with the whale amassing 39,600 ETH since May 24. Their average purchase price stands at $2,487 per coin.

This whale has been actively accumulating Ethereum over the past few months, making multiple purchases, including over 6,800 ETH in four transactions in the past four months. Their unrealized profit currently stands at $54 million.

Market Analysis and Trends

Analysts at Singapore-based QCP Capital note that Bitcoin and Ethereum are both at key levels, despite profit-taking deals at critical price points. Options data for the December 27, 2024 expiry indicates levels that “align with the highest open interest.”

History says ETH hits new highs in January post-halving. Options markets agree, where #ETH risk reversals favor calls starting in January.

This trend suggests a potential squeeze higher for Ethereum. Key levels to watch include:

  • $4,067, a critical level for Ethereum
  • $100K, a key level for Bitcoin

As the market continues to recover, investors are taking note of the whale’s bullish view on Ethereum. For more insights and analysis on the cryptocurrency market, visit Global Crypto News for the latest updates.

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