ETH Whale’s Purchase Ignites Speculation of $2.3K Target

The on-chain tracking platform Lookonchain revealed in an X post earlier today that a “giant whale” borrowed another substantial amount of Dai (DAI). According to the post, the whale borrowed 2 million DAI tokens and bought 921 Ethereum (ETH) at $2,171 a few hours ago.

This same whale had purchased 41,779 ETH since 19 September of this year at an average buying price of around $1,838. Collectively, the amount of ETH purchased during this period is valued at $76.8 million. Lookonchain concluded the post by revealing that the whale’s total profit stands at approximately $13.3 million.

The leading altcoin’s price has dropped slightly since the whale made its latest purchase. At press time, the cryptocurrency market tracking website CoinMarketCap indicated that ETH was changing hands at $2,160.05. Nevertheless, the cryptocurrency was still up more than 3% over the past 24 hours. Additionally, the latest gain pushed ETH’s weekly performance to +3.76%.

Along with the increase in price, ETH recorded an 8.71% uptick in its daily trading volume as well. Subsequently, the altcoin’s 24-hour trading volume stood at more than $9.7 billion.

Daily chart for ETH/USDT (Source: TradingView)

From a technical perspective, a significant bullish flag was triggered on ETH’s daily chart over the past 24 hours. During this time, the Moving Average Convergence Divergence (MACD) line crossed above the MACD Signal line. This particular technical flag could signal a continuation of ETH’s positive trend.

If this technical flag is validated, the cryptocurrency’s value could rise to as high as $2,300 in the next few days. Despite this bullish technical flag, there is still the risk that ETH’s price could correct down to the immediate support level at $2,065 in the short term. If this key support fails to hold, ETH could fall to as low as $1,945.