This Whale Stirs Splashes, Leads to ETH Price Fluctuates

Ethereum has gained over 40% since December 2022.
Activities from a suspicious wallet appear to be the reason behind this.

Amid the crypto market recovering from the FTX fiasco, leading coins witnessed price surges, and altcoins followed to form a relief rally. Many observers find different factors to attribute to the soaring price of the assets—whale activities are crucial.

Is Vitalik Buterin Behind This Whale Wallet?

Whales always held a few strings to drive the market per their whim. One such whale wallet worth $10 billion was observed to create some splashes in the crypto market. The whale wallet 0x50F…e17 was observed to become active around when the FED sat down to ponder the interest rate to curb inflation.

The pattern observed in the movement was unique, and many speculate it influenced the crypto market. The wallet is observed to hold USDC, and after converting it to USDT, it opts for exchanges like Coinbase and Kraken to trade in Ethereum (ETH). Coincidentally, ETH has taken a path of price rally whenever this movement has occurred.

The whale wallet uses multiple other subsidiary wallets 0x93c…Ff53, 0x6af…87a1, 0x4AF…95E8, 0x561…63F5, and 0x9a2…6e42, has moved the tokens. Taking to the aforementioned exchanges, the unnamed whale has traded in ETH, allegedly influencing its prices. The transaction values are worth large amounts that can possibly sway the prices single-handedly.

The wallet moved on December 7, 2022, immediately after which ETH saw an improvement in the price action. The uptrend was obstructed due to the discovery of the Raydium hack on December 16, 2022, but soon after saw recovery. Strong propulsion was observed from December 20, and since then, the prices have gained by 47.38% on February 2, 2023.

Meanwhile, the Federal Reserve held a meeting at the month’s end to review and revise the rates on Jan 31 and Feb 1. After which, the wallet went dormant. The timeline, surprisingly, matches the price rally in ETH, raising many questions.

The whale wallet has shown some activity again recently, and along the lines of the observed pattern, many anticipate a high run in ETH again. ETH values at $1,550 at press time and can aim for the all-time high, taking aid of the whale activity.

The wallet activity shows rigorous transfers spanning over a month. Meanwhile, ETH has picked up the pace to reach higher price levels. After testing the support level of $1,500, ETH prices hint at a possibility of rising near $4,000. Looking at the amount and frequency, a bigger kaboom is predicted for 2023.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing