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Institutional interest in Ethereum ($ETH), the second cryptocurrency by market cap, may be heating up again, according to a recent tweet by on-chain analytics platform Spot On Chain.
Five wallets suspected of belonging to the same entity made significant movements within 19 hours, depositing $29.2 million in $USDT to $HTX (previously Huobi) and withdrawing 9,018 $ETH at an average price of nearly $3,237.50 during the recent market drop.
More institutions are accumulating $ETH!
— Spot On Chain (@spotonchain) January 24, 2025
In the past 19 hours, 5 wallets (likely one entity) deposited 29.2M $USDT to #$HTX and withdrew 9,018 $ETH at ~$3,237.5 during the dip.
Interestingly, these wallets withdrew the $USDT from $HTX on Nov 20, 2024, holding it for 2 months… pic.twitter.com/7sEByhpb6z
What makes this transaction even more intriguing is its timing and strategy. The $USDT involved in this massive purchase had been idle for nearly two months. According to Spot On Chain, these wallets withdrew the $USDT from $HTX on Nov. 20, 2024, only to deploy them now for an Ethereum accumulation spree.
Fingers are pointing at Justin Sun, the founder of TRON and a well-known figure in the crypto world. Sun’s commitment to reforming the Ethereum Foundation and his vocal ambition to see $ETH reach $10,000 have sparked speculation about his potential involvement. However, this remains unknown as of press time.
$ETH price action
Ethereum's rebound from Jan. 23 continued into today's session, reaching an intraday high of $3,428. $ETH is up 5.49% in the last 24 hours to $3,398. $ETH's recent gain reflects the bullish sentiment on the market, which has seen crypto prices bounce across the board.
This performance follows the issuance of a crypto-related executive order, which establishes a working group to propose new digital asset regulations and explore the creation of a national "digital asset stockpile."
On the upside, a break and close above the 50-day SMA would indicate that buyers have returned to the market, causing $ETH to exit its current range. $ETH may reach $3,745, which is a key level to monitor. The RSI is just above the midpoint, indicating a slight advantage for bulls.
On the downside, the daily SMA 200 at $2,984 remains a key support to watch. If Ethereum breaks below this key level, the $ETH price could fall to $2,850.