Over the last 24-hour period, Ethereum (ETH) whales have moved $972 million in trades changing the crypto scene overnight. This increased whale activity, marked by colossal movements and strategic shifts, is igniting speculation about the future of Ethereum.
As these whales shift their holdings, a big question hangs in the air: Does this mean a big market shake-up is coming, or is it a smart move hinting at new opportunities around the corner?
Ethereum Whales Making Moves
Whale Alert spotted a bunch of ETH whale trades adding up to $972 million, that have shaken up the market and got people thinking about possible clever moves or upcoming market changes.
The big news of the day was a huge transfer of 143,379 ETH worth about $470 million, to a new wallet. This massive move turns heads and makes people wonder about possible strategy changes among big players. In the past when whales made big transfers, it often led to future market changes.
To add to this, Genesis Trading moved a total of $222 million to several unknown wallets. This kind of activity from a well-known trading company might give hints about where the Ethereum market is heading in the short term.
At the same time big exchanges like Coinbase and Jump Trading have seen almost $100 million in new deposits hinting that traders might be selling off their holdings.
The large amount of ETH moved in such a short time could point to big players changing their strategies or signal upcoming market shifts. In the past when major players made large transactions, it often came before the big market moves either to get ready for expected price changes or to respond to current market conditions.
Ether hit its 2024 high of $4,093 on March 12 and has been staying below this level since then. For several weeks, it has struggled to push past the key resistance at $3,500. Now, signs show that Ether is about to bounce back.
New data shows two main factors that support Ethereum’s positive outlook: large cash flows into BlackRock’s Ethereum ETF and promising blockchain statistics.
Key Drivers Behind a Potential ETH Price Rally
On July 30, BlackRock’s Ethereum ETF (ETHA) received $118 million in new money beating the $74.9 million that went into its Bitcoin ETF (IBIT). This suggests that big investors prefer Ethereum.
More on-chain data backs up this positive outlook. The amount of Ethereum available on exchanges has dropped a lot. Right now, exchanges hold 10% of all Ethereum, as reported by Glassnode. At the same time, 28% of Ether is locked up in staking. This cuts down on possible selling pressure and hints that there’s room for the price to go up.
Ethereum is currently trading at $3,318 after breaking its downward trend on July 15 and nearing the key resistance point at $3,500. Given the mix of bullish ETF inflows and good on-chain signs, Ethereum seems set for a potential upswing.
ETH’s closest support lies between $3,000 and $3,300. But if it closes above $3,500, this could point to a bull run driving Ethereum up to $4,100 and beyond its previous peak.
Even though ETH dropped 4% in the last week, it’s held steady in recent trading. The overall mood seems to favor an upswing, with buyers expecting more gains. This positive outlook shows in the increased trading, as yesterday’s trading volume topped $13.5 billion showing strong market interest.
