Over the past week, Ethereum (ETH), often termed as Ether, has captivated the interest of investors worldwide with its steady ascent towards the $1900 price range. This progressive climb mirrors the bullish trend observed in several assets that rode the Bitcoin-led rally, recording a 5.85% surge in the past seven days. This impressive stretch marks a total price escalation of 15.17% over the last month.
A recent surge of speculation has added intrigue to the ETH market, with whispers circulating that this leading altcoin is primed for a significant price swing. This speculation stems in part from a high-profile transaction, namely the “smart” purchase of Ether valued at $15.94 million.
The purchase, revealed by blockchain analytics platform Lookonchain, was executed by a prominent ETH investor, a so-called ‘smart’ whale, known by their wallet address “0xb15”. This individual procured a sizable 8,698 ETH from Binance, depositing a staggering amount of 31.8 million USDT in the process.
The transaction generated attention due to the whale’s history of shrewd investments. Since February 12, “0xb15” has conducted eight transactions, boasting a win rate of 87.5% and profits totaling $13 million. Known for their knack of buying at a low price and selling at a peak, their most recent sale occurred on November 2. After purchasing 24,548 ETH, valued at $39.8 million, the whale sold 24,495 ETH on Binance for a whopping $45 million, yielding a profit margin of approximately $5.47 million.
The considerable purchase executed by “0xb15” on Sunday has consequently put traders on high alert and strengthened the belief in a consistent uptick in Ether prices within the week. Further, a scan of Ether’s daily chart suggests potential entrance into the $1900 bracket should this buying influx persist. However, investors should be cautious given the token’s Relative Strength Index (RSI) is at 71.43, an overbought indicator that could precede a trend reversal.
Further signaling the strong bullish sentiment in the Ether market, centralized exchanges (CEXs) have reported a substantial ETH outflow totaling $210 million in the past week. As data from IntotheBlock demonstrates, this is the highest weekly outflow from CEXs since August.
This trend underscores the aggressive purchasing activity by investors, reflecting the reduced supply of this token on exchanges. At present, Ether is valued at $1890.95, experiencing a 2.61% increase in the past day, despite a decrease by 11.48% in daily trading volume, and still valued at $6.02 billion. With a market cap tallying $227.4 billion, Ethereum retains its position as the world’s second-largest cryptocurrency.
Today’s Ether trading stands at $1,896.73 on the daily chart.
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