Ethereum Whale Activity Ramps Up Amid Market Recovery

• Institutional players like Cumberland and ParaFi Capital moved millions in ETH.
• U.S. spot Ethereum ETFs saw a combined net inflow of $58.7M on Sep 27.

Ethereum whale transactions have surged this week as the price of ETH shows signs of recovery. A notable whale, inactive for four months, made significant moves, cashing out 12,979 ETH valued at $34.3 million. This whale, with a profit of $58.8 million, originally acquired 21,632 ETH from ShapeShift and Poloniex for $7.074 per ETH in 2016.

Since May, the whale has sold 15,879 ETH, earning $43.5 million at an average price of $2,739 per ETH. The whale now holds 5,760 ETH, valued at $15.5 million, and has realized a total profit of 141x its initial investment.

Institutional activity also remains strong. Two major institutions, Cumberland and ParaFi Capital, made significant movements. A wallet linked to Cumberland deposited 11,800 ETH ($31.88 million) into Coinbase. Meanwhile, ParaFi Capital withdrew 5,134 ETH ($13.83 million) from Lido and deposited it into Coinbase Prime. These transactions reflect strategic selling from major entities during Ethereum’s price recovery.

Additionally, a whale linked to 3AC made a remarkable trade this week. This sniper spent 238 ETH ($641.5K) to acquire 28.03 million 3AC tokens when the token first began trading. Shortly after, they sold 24.95 million 3AC tokens for 799 ETH ($2.15 million), pocketing 561 ETH ($1.5 million) in profit. They still hold 3.08 million 3AC tokens, currently valued at $369,000.

The U.S. spot Ethereum ETF market has seen a significant influx of capital. On September 27, ETFs experienced a combined net inflow of $58.7 million. Fidelity’s FETH recorded the largest share with $42.5 million in inflows, followed by BlackRock’s ETHA ($11.5 million) and Bitwise’s ETHW ($5.4 million). Meanwhile, Grayscale’s ETHE experienced net outflows of $10.7 million. These ETF movements suggest increasing institutional interest in Ethereum as the market rallies.

Ethereum’s Performance in the current market

Ethereum’s price is showing resilience, currently trading at $2,694.36, up 1.83% in the last 24 hours. Market capitalization stands at $324.3 billion with a daily trading volume of $16.5 billion. According to technical indicators, Ethereum’s relative strength index (RSI) on the 4-hour chart is at 63.43, indicating mildly overbought conditions, while the RSI on the 1-hour chart reads 41.33, reflecting a short-term bearish momentum.

The 9-period and 21-period moving averages on the 4-hour chart show a positive crossover, signaling potential further bullishness. Support is currently set at $2,630, with resistance at $2,700. If Ethereum can maintain momentum above $2,700, the price could aim for the next level at $2,800. However, if support at $2,630 breaks, Ethereum may retest the $2,600 level.

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