Key Points
Ethereum [ETH](https://coineagle.com/price/ethereum/) surpassed $2,900 recently, maintaining its positive momentum over the weekend. The cryptocurrency was trading at $2,907, a 3.65% increase in the last 24 hours and a 16% increase in the past week.
CryptoQuant data analysis revealed that the Taker Buy Sell Ratio was above 1. This suggests that buying pressure for Ethereum was stronger than selling pressure at that time.
Whale Activity and Ethereum’s Future
The upcoming target for Ethereum bulls is the crucial $3,000 level. According to Shivam Thakral, CEO of Indian cryptocurrency exchange BuyUcoin, breaching this level could potentially trigger a rally in altcoin prices.
One particular whale investor’s behavior stood out amidst the surge. This investor purchased 21,353 ETH, equivalent to $60 million, just before the prices increased. The transaction was done on Binance [BNB](https://coineagle.com/exchange/binance/) by swapping Tether [USDT] tokens for Ethereum.
Later, the same whale withdrew 10,649 ETH, approximately $30 million, in a separate transaction. This whale has been accumulating Ethereum since February 8th, amassing about 52,759 ETH to date. This rally has resulted in a profit of $100 million for the investor.
This is not an isolated incident. In general, Ethereum whales have been actively accumulating coins, as evidenced by an increase in transactions worth more than $1 million. Furthermore, the supply held by top non-exchange addresses has risen by 2 million since February began.
The accumulation frenzy might be due to the rapidly rising 30-day MVRV Ratio. Analysis of Santiment data shows that Ethereum’s current price is 16.43% higher than the average acquisition price. Given that Ethereum is still quite far from its all-time high of $4,878, the buying spree might continue.
