Ethereum rises 10% in 48 hours as whales make a splash

• Ethereum whales have accumulated over $70 million in the last three days.
• ETH has added almost 10% to its price in the last 48 hours.

In recent days, a group of whales has made substantial investments and displayed optimistic indicators. These whales have been moving their Ethereum [ETH] holdings out of storage and opening long positions. 

Read Ethereum’s [ETH] Price prediction 2023-24

How has this influenced the overall trend of the king of altcoins?

Ethereum whales gulp up more Ethereum

According to Lookonchain and data from Etherescan, six Ethereum whales have amassed a total of more than 42,000 ETH.  This equated to approximately $71 million in value and has been accumulated over the past three days.

According to Etherescan’s data, one of these whales obtained more than 20,000 ETH. It acquired 17,000 ETH through a decentralized exchange (DEX) and withdrew an additional 3,000 ETH from a centralized exchange. 

In addition, another whale withdrew over 10,000 ETH from Binance [BNB], subsequently depositing these funds and taking a long position on the asset within several DeFi platforms.

These strategic moves made by these whales coincide with the positive uptrend in the price of ETH that has been observed over the last couple of days.

Ethereum sees a continued uptrend 

Ethereum’s recent price surge has been in progress for nearly seven consecutive days, bringing good news to its investors. At the time of writing, it was trading at approximately $1,800, reflecting a price increase of over 3%.

This uptick built upon the already impressive 6% uptrend observed on 24 October. Notably, this ongoing surge has propelled Ethereum into a strongly bullish territory.

Source: TradingView

As of the latest data, the Relative Strength Index (RSI) has indicated that ETH has entered the overbought zone. This suggested a bullish trend, though it may also hint at the potential for a price correction in the near future.

Additionally, the continued accumulation of ETH by the whales in the market may be viewed as a sign of a sustained upward trajectory.

Funding rates reflect whales’ optimism

Coinciding with the rise in Ethereum’s price and the accumulation by whales, the Funding Rate for ETH has surged in a positive direction. At the time of this report, the Funding Rate per Coinglass had elevated to approximately 0.02%.

How much are 1,10,100 ETHs worth today?

Notably, this surge in funding rate is a noteworthy occurrence as it hasn’t been observed in over two months, signifying a sudden increase in optimism among market participants.

The press time Funding rates strongly suggested that traders were anticipating a further price increase in Ethereum, given their willingness to pay a premium for holding long positions.