Ethereum (ETH) has breached $1,250 aftred trading sideways for nearly three weeks. On-chain analytics platform, Santiment suggested a recent rise in “Ethereum Whale” activity for the spike.
According to CoinMarketCap, Ethereum (ETH) is up 0.19% in the last 24 hours to trade at $1,251. The second largest cryptocurrency has gained more than 4% over the past seven days with a market cap of $153 billion. Santiment claimed the recent price jump is due to a renewed Ethereum whale activity in the past 24 hours. As per the Santiment report, over 600 ETH transactions worth more than $100K have taken place on the Ethereum blockchain. The on-chain analytics platform wrote,
“As altcoins have heated up, Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on December 16th, whales are showing increased interest again.”
🐳 As #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on December 16th ($ETH's local price bottom), whales are showing increased interest again. https://t.co/9ihbtrSBbF pic.twitter.com/xBtBJlpxgV— Santiment (@santimentfeed) January 4, 2023
ETH WHALE ACTIVITY SURGES
The report suggested that a total of 611 transactions took place in just over 4 hours before and during ETH’s price movement. Furthemore, approximately $116 million worth of Ethereum (ETH) was moved between two anonymous cryptocurrency wallets in a single transaction. It was also reported that Genesis Dormant-labeled addresses transferred a whopping 64K ETH worth around $77.6 million to another wallet address. These activities have seemed to have propped Etherum prices to cross the $1,250 mark.
#PeckShieldAlert Genesis Dormant-labeled addresses transferred 64k $ETH (~$77.6M) to 0x3113…84b and deposited ~54.99k $WETH into MakerDAO, then borrowed ~25M $DAI from MakerDAO, then transferred 4M $DAI to Coinbase and 1M $DAI to Krakenhttps://t.co/G0vjG6ysl5 pic.twitter.com/cjEKUQJWX7— PeckShieldAlert (@PeckShieldAlert) January 5, 2023
As per market experts, there is a strong possibility for Ether to re-test the $1,260 zone. However, a further increase is unlikely due to the fact that these funds were moved as opposed to purchased. On January 3, popular crypto analyst Michael van de Poppe expressed concern regarding ETH prices noting the token needs to bounce, otherwise thing might get “painful”