Whale Buys $80.6M Worth Of Ethereum: Is ETH Price Likely To Rally?

A whale has accumulated 26,028 ETH worth $80.6 million on Binance, signaling a bullish trend.

With steady inflows of large amounts of Ethereum and USDT, the market anticipates a significant move as the ETH price nears key price levels.

A major new player has accumulated a large amount of Ethereum on Binance, buying 26,028 ETH tokens, equivalent to about $80.6 million since November 11.

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The activities reflect a clear structure: several large volumes of ETH and USDT using transfer operations.

For instance, the transaction that took place in recent hours before the time of writing the report involved 8.977K ETH worth $27.85 million; a day ago, 20 million USDT was deposited.

More transactions in the past two weeks reveal large-quantity inflows, including 11.436K USDT and 7.39K ETH made in multiple transactions.

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These are accumulation formations, and there is every likelihood that the whale is planning a bullish run for the ETH price.

This comes at a time when there are early signs of expectations of an Ethereum price rally. The activity signifies that markets are getting more confident.

Steady, and large-quantity buys could indicate that the whales are waiting on a big move.

Massive $1.683B ETH Buy Volume Sparks Bullish Market Sentiment

There was a phenomenal rise registered in Taker Buy Volume for ETH price that crossed $1.683 billion of one hourly candle.

This increase points to increased buying as market stakeholders participating in the exchanges push for more share ownership.

The price action mirrors Ethereum price changing hands close to $3,146 in sync with oncoming buyer pressure.

Following the highs of the technical chart, the chart gives the message that this volume increase is the biggest in recent sessions, implying pent-up demand.

It has been found that such high buying activity may be a result of increasing trader confidence and may be followed by further price increases.

Such a large number of hourly candles, indicating the visibility of the bulls’ upward movement for ETH price in the near future, attracts the attention of experts and traders.

Ethereum Accumulation by Large Holders Points to Bullish Sentiment

According to on-chain data, wallets containing 10-10K ETH and 10K-100K ETH of Ethereum have been on the rise.

The constant increase in the number of held tokens proves that investors’ confidence is gradually increasing, which is evidenced by both small investors and large institutional investors.

This trend implies that market entities are gearing up for the best future market performance.

It is also worth stressing that the general upgrade in Ethereum’s fundamentals is seen by an extension of its ecosystem.

Weekly revenue, according to Token Terminal data, has risen 30x from the August lows. This increase in revenue corresponds to the decentralized Ethereum application and its ongoing evolution to a deflationary model.

The combined accumulation trends and the revenue points clearly indicate a bullish trend. Ethereum and its future as a key component of the blockchain industry looks inevitable.

Ethereum Liquidation Map Highlights $3,370 as Key Battle Zone

The Ethereum Exchange Liquidation Map shows the distribution in the cumulative long and short liquidation scale. The Intensive occurrences have been highlighted.

At the current price of $3,370.8, the map revealed long liquidations cumulative (red line) have been reducing gradually, indicating lesser leveraged longs at elevated prices.

On the other hand, cumulative short liquidations (green line) display an upward slope, indicating an increase in leverage for short sellers as prices move higher and informing short sellers that they are likely to be squeezed if the price continues to rally.

This bar chart shows that liquidation activity has been concentrated around $3,350 to $3,400, and Binance, OKX, and Bybit accounted for most of it.

Such clustering suggests such price levels have the potential to cause further cascading liquidations.

The evidence portrays an equilibrium between long and short positions, and a breakout direction may well drive ETH price action and a rise in volatility.