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A recent report shared by the @spotonchain analytics account shows that several Ethereum whales have begun stocking up on ETH despite the fact that the coin’s price has printed a massive 6% rise over the past three hours.
The sudden Ethereum price growth is likely due to the Bitcoin price surge, which has finally regained the $72,000 level. At the time of this writing, the second largest cryptocurrency, Ethereum, is changing hands at $3,620, after printing three consecutive green candles on an hourly chart. The biggest of them pushed ETH up 3.64%.
Ethereum buying spree unleashed, pushing ETH price up
Two recent posts by the aforementioned on-chain data providing account on X/Twitter show that several anonymous whales have purchased staggering amounts of ETH before it proceeded with its surge going up above $3,410.
Over the past 14 hours, two whales have purchased 10,322 ETH, paying $35.1 million in stablecoins. One whale, according to the tweet, used eight different wallets to buy approximately 6,145 ETH at roughly $3,395 per coin within the last nine hours. The other one bought 4,178 ETH for 14.25 million DAI, while ETH still traded at $3,410 – that happened approximately 14 hours ago.
Whales are buying $ETH on chain!
— Spot On Chain (@spotonchain) April 8, 2024
In the past 14 hours, two whales have spent a total of $35.11M in stablecoins to buy 10,322 $ETH, allegedly pumping the price above $3,400, including:
1. 8 wallets (likely one entity) spent 20.86M $USDT to buy 6,145 $ETH at ~$3,395 in the past 9… pic.twitter.com/jatHgGkKhA
The @spotonchain account believes that these massive purchases may have contributed to Ethereum’s price surge.
Aside from those two anonymous wallets, two other whales have grabbed a significant amount of Ethereum several hours ago. Whales -0x666 and -0x435 grabbed a total of 11,675 ETH together from Binance after purchasing it at roughly $3,455 per coin. This amount of Ethereum is evaluated at $40.28 million in fiat.
However, while some whales are stocking up on Ethereum, there is someone who decided to make some profit on selling it. According to a tweet published by on-chain data provider @PeckShieldAlert, an address that resembles that of the Ethereum Foundation has dumped 100 ETH, selling it for 345,000 DAI stablecoins.
#PeckShieldAlert 0xbC9a...fbC3 (#Ethereum Foundation?) has swapped 100 $ETH for 354K $DAI pic.twitter.com/5DjQNtkVXV
— PeckShieldAlert (@PeckShieldAlert) April 8, 2024
Ethereum surging to follow Bitcoin's spike
The major surge of Ethereum watched by the market today likely resulted from the sudden price outbreak made by the world’s leading cryptocurrency, Bitcoin. Over the past few hours, BTC has printed three consecutive green candles, soaring to top the $72,000 level.
By now, however, the price slumped a little, losing nearly $1,000.