Crypto News

Ethereum Rebounds Above $3000 As Whales Accumulate

Ethereum has shown signs of recovery, surpassing the $3000 mark and currently trading at $3,200, after experiencing a dip below $2,900 in the past week.

On-chain reports indicate that whales are actively accumulating ETH, contributing to the token’s recent uptick.

According to Lookonchain data, there are indications that Justin Sun, the prominent crypto figure, may have acquired 127,388 ETH, valued at $405.19 million, since April 8.

This activity coincides with a significant deposit of 787 million USDT to Binance on Tron, made by a wallet suspected to be linked to Sun since March 31. 

Additionally, on the same day, a mysterious wallet emerged on the Ethereum network, withdrawing $96.8 million stablecoins from Binance and subsequently purchasing 127,388 ETH at an average price of $3,172 from both Binance and decentralized exchanges (DEX).

Further Revelation Into The Ethereum Whale Wallet And Movements 

Further analysis reveals that a wallet suspected to belong to Justin Sun previously acquired 168,369 ETH, amounting to $487 million, at an average price of $2,894 from Binance and DEX between February 12 and February 24.

Considering the similar transaction behavior of these two wallets, it’s plausible that both are owned by Sun. If confirmed, Sun’s total ETH acquisitions since February 12 would amount to 295,757 ETH, valued at $891 million, with an average purchase price of $3,014 from Binance and DEX.

In the past 24 hours, another whale has taken a long position on ETH, despite experiencing losses twice in similar endeavors, totaling $4.5 million. This whale withdrew 8,249 ETH, equivalent to $26.18 million, from Binance and deposited it into Compound, subsequently borrowing 17.3 million USDT from the platform.

These recent movements within the Ethereum ecosystem, particularly the accumulation by whales and notable figures like Justin Sun, suggest growing confidence in the token’s potential for future growth. Investors are closely monitoring these developments for insights into market sentiment and potential price trends.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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