Ethereum has recently drawn attention after substantial purchases by large investors totaling around $350 million. This raises anticipation for potential future movements of the asset.
Whales Accumulate ETH in Bulk
Over 79,000 ETH have been purchased in bulk across several wallets, amounting to approximately $350 million. Notably, one transaction included 14,670 ETH, valued at $65.3 million, transferred from Galaxy Digital to BitMine Digital. All transactions occurred within a one-hour framework, indicating pre-planned purchases.
ETH Supply Decreases on Exchanges
Netflow data indicates consistent withdrawals of ETH from centralized exchanges from August 4 to September 4. Significant outflows were recorded on August 12, August 22, and August 26, with over 150,000 ETH removed each day. This trend suggests that holders are moving ETH to private wallets, consequently decreasing the available supply on exchanges.
Breaking Key Resistance Level
A recent chart has shown Ethereum breaking above the $4,400–$4,800 zone, which had been a resistance level for most of the year. The price tested this level multiple times before finally breaking through and continuing to rise.
The significant accumulations of ETH by whales and withdrawals from exchanges indicate a long-term holding sentiment among large investors. The breaking of crucial resistance levels adds to the optimism, and investors are keenly observing market developments.
