HD: Ethereum whale intensifies accumulation at $2,900 range
- Whale accumulates 87,819 ETH in four days.
- ETH trades at around $2,900.
Over the recent days, a significant Ethereum [ETH] holder has been acquiring substantial amounts of the asset and subsequently removing them from exchanges. Despite the notable efforts of this whale, the overall supply on exchanges has been increasing in recent times.
Ethereum whale accumulates ETH worth millions
Analysis of Spot on Chain data showed a significant move by an Ethereum whale recently. The data showed that this whale withdrew 9,277 ETH, valued at almost $27 million, from Binance.
Additionally, on the same day, the whale withdrew 6,883 ETH along with 20 million USDT from 1Inch. The total accumulation by the whale amounted to 16,160 ETH, nearly $47 million.
Furthermore, the data showed that over the past four days, the whale had purchased 87,819 ETH at an average price of around $2,875, worth about $252.5 million.
This recent accumulation trend has brought the whale’s total holdings to 112,966 ETH, with an estimated value of around $334 million.
Ethereum supply on exchanges increases, but…
Despite recent accumulation trends and the observed negative exchange inflow reported by CryptoQuant, one might have expected a decrease in the supply on exchanges.
However, an analysis of the supply on exchange data from Santiment showed a recent increase. The chart showed that from around 13th January, the supply has risen by about 2 million.
At the time of this writing, the supply on exchange was 12.66 million, up from around 10.66 million in early January.
Source: Santiment
It is worth noting that despite this increase, the supply on exchanges remained significantly lower compared to the supply outside of exchanges.
Further analysis of the supply outside exchanges showed that 121.12 million ETH are currently held off exchanges.
ETH recovers slightly
A detailed analysis of the Ethereum price trend on a daily timeframe chart showed a decline of over 1% on 21st February. This reduction followed the previous day’s surge into the $3,000 price range, which led to a notable increase in liquidation volume.
By the close of trading on 21st February, ETH was valued at about $2,968, reflecting a 1.53% decline. At the time of this writing, the price had recovered slightly, showing an increase of around 0.7% and trading at about $2,989.
Source: Trading View
How much are 1,10,100 ETHs worth today
Examining the volume chart on the price chart showed a significant surge in selling pressure during the prior trading session, contributing to the decline in Ethereum’s price.
Despite this, the accumulation activity by a notable whale suggests a prevailing belief that the price of ETH is poised for further upward movement.
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