Key Points
- Ethereum whales have been increasingly active, with one particular address making significant purchases prior to the approval of the Ethereum ETF.
- Ethereum is attempting to establish the $3,600 range as a support level.
Ethereum Whale Activity Increases
Ethereum whales have become notably more active recently. One specific whale address has been making significant purchases of Ethereum (ETH) at a particular price level, ahead of the approval of the Ethereum ETF.
This address has consequently seen a substantial unrealized profit. Analyses have shown a similar trend among other whale addresses leading up to the ETF approval.
Anticipating the Ethereum ETF Approval
An analysis by Lookonchain revealed that a certain whale wallet anticipated the Ethereum spot ETF approval, making a large purchase of ETH. The data showed that the whale bought 8,733 ETH at approximately $3,054.56, amounting to around $26.67 million. This has resulted in an unrealized profit of approximately $6 million for the whale wallet.
After the approval of Form 19b-4 by the Securities and Exchange Commission (SEC), the whale bought other tokens within the Ethereum ecosystem, totaling $24.7 million. One of these tokens is the Lido DAO [LDO] token, which represents the platform with the highest volume of ETH stakes. The unrealized profit for these ecosystem tokens in the wallet is around $1 million.
Data from Glassnode showed significant movement in Ethereum addresses holding 10,000 or more ETH. There were declines in the number of such addresses before a trend reversal around the 19th of May. The number of addresses increased from around 997 to approximately 1,006. Additionally, the number of addresses holding $100,000 or more worth of ETH also saw a significant surge.
Ethereum’s Price and Staked Volume
The total Ethereum staked experienced a brief decline, followed by an uptick around 20th May. It increased to over 32.5 million ETH from around 32.3 million ETH during this period. The current staked volume represents approximately 27.1% of the total Ethereum supply.
At the time of writing, Ethereum was trading at approximately $3,790, reflecting an increase of over 1%. Analysis of the daily time frame chart indicated its efforts to sustain the $3,700 price range since it rose to that level. The current trend suggested Ethereum’s attempt to establish the $3,600 range as its support.
The Relative Strength Index (RSI) showed Ethereum slightly below the overbought zone. This suggested a strong bullish trend but also implied the possibility of a decline, even amidst another potential bull run.
