Ethereum (ETH) has been experiencing a notable uptrend recently, propelling this leading altcoin past the significant milestone of $3,000. Notably, one whale has potentially played a substantial role in fueling this streak of gains.
Namely, on February 22, a major whale identified as 0x7a9 acquired an additional 16,160 ETH tokens, equivalent to $46.95 million, at an approximate price of $2,906 per token.
Concurrently, they withdrew 9,277 ETH (valued at $26.95 million) from the Binance exchange. Additionally, this investor purchased 6,883 ETH using 20 million USDT through the decentralized exchange aggregator platform, 1inch.
0x7a9 whale ETH purchase history. Source: SpotOnChain
Over the past four days, this trader has purchased 87,819 Ethereum tokens at an average price of approximately $2,875, amounting to a total investment of $252.5 million.
Presently, their holdings amount to 112,966 ETH, valued at $334 million, resulting in an unrealized profit of $17.25 million and almost 0.1% of the total ETH market cap. This notable accumulation suggests that this investor’s actions may significantly influence Ethereum’s price.
Previous purchases of this whale
Not only the present trade was enormous, but with a deeper dive, it is revealed that the 0x7a9 whale acquired 13,526 Ethereum tokens on February 21, amounting to $39.85 million at an approximate price of $2,947 per token.
Simultaneously, they have withdrawn 10,136 ETH (equivalent to $29.85 million) from Binance.
Additionally, the investor has purchased 3,390 ETH using 10 million USDT through 1inch.
0x7a9 whale ETH balance on February 21. Source: SpotOnChain
Furthermore, it withdrew an additional 40 million USDT from Binance. A portion of this withdrawal was likely allocated to finance its most recent purchase on February 22.
Ethereum price chart analysis
At the time of reporting, the price of ETH stood at $3,015, reflecting a 3.66% increase in the past 24 hours. This builds on weekly gains of 8.10% and contributes to a significant increase of 35.63% over the past month.
ETH 24-hour price chart. Source: Finbold
The recent gains in Ethereum have influenced technical indicators, resulting in 15 valuations indicating a ‘buy’ rating. Moving averages tend towards a ‘strong buy’ with 13 ratings, while oscillators suggest a ‘neutral’ stance with 7 examinations in favor.
Technical indicators for Ethereum. Source: TradingView
It may be difficult to determine whether the whale’s purchasing activity directly influenced the rise in ETH price, but the substantial gains reflect positively on their investment. Moreover, technicals suggest the potential for further expansion of profits.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
