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Ethereum Price Stays Strong Above $3,000—How Have Whales Responded?

Last Updated February 27, 2024 3:01 PM
Shraddha Sharma
Last Updated February 27, 2024 3:01 PM
By Shraddha Sharma
Verified by Peter Henn

Key Takeaways

  • Ethereum’s value has surpassed the $3,000 mark, indicating a significant bullish trend in the cryptocurrency market.
  • Large-scale investors have shown increased interest in Ethereum, leading to substantial accumulation and ownership concentration.
  • The market’s strong momentum is reflective of investor confidence, suggesting a positive outlook on Ethereum’s growth potential.

Ethereum, alongside other altcoins, is witnessing a robust rally, largely fueled by Bitcoin’s uptrend. Optimism has led to accumulation by ETH whales as large investors continue to control much of the wealth.

Large transactions have begun to rise after a fall in mid-February, suggesting a bullish momentum for the second-largest crypto.

Ethereum Remains Solid Above $3,000

Ethereum is maintaining a strong position above the $3,000 level as Bitcoin is inching closer to the $60,000 mark. As of February 27, Ethereum has seen an uptick on the weekly and daily charts on CoinGecko.

ETH Price Momentum | Source: RektCapital/X

Analysis by Rekt Capital on Twitter noted the significance of this surge, stating that Ethereum hasn’t seen such a rapid increase in value since the 2021 bull market. The current momentum suggests Ethereum is entering a new growth phase that could surpass previous cycles, according to Rekt Capital.

Ethereum Whales on the Move

Recent activity reveal that Ethereum whales are actively accumulating ETH. LookonChain underlined on February 26 that a whale transferred approximately 14,632 ETH worth around $45.5 million, from the Binance exchange and has staked it which is seen as a sign of long-term confidence.

Additionally, two new whales withdrew 6,000 ETH worth $18.7M from Kraken. On February 27, another whale purchased 2,426 ETH worth $7.8M from Binance, indicating accumulation.

 

As per Lookonchain data, whales also traded ETH on the day. While some trades resulted in losses, such as a $352K loss from a transaction involving 7,472 ETH, other trades were profitable, with one yielding a gain of approximately $3.22M from a 12,665 ETH transaction.

According to IntoTheBlock , there are currently six whales who have a substantial concentration of Ethereum. They hold 38.48% of ETH supply that comes to 49.39m ETH. However, ETH distribution indicates a significant amount of Ethereum is controlled by a few large investors, which can have quick impact on the price of the asset.

Ethereum’s Market Position

While Ethereum’s price has not yet reclaimed its peak of $4,878 recorded over two years ago, it currently sits roughly 32.73% below that all-time high as per CoinGecko data. Despite this, the ongoing accumulation by whales and the positive market trend signal confidence in Ethereum’s future trajectory.

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