Ethereum (ETH) has seen a significant increase in large transactions, signaling renewed activity among crypto whales. According to data from IntoTheBlock, the number of ETH transactions exceeding $100,000 spiked yesterday, reaching its highest level since late March. This surge suggests that large holders, often referred to as “whales,” are becoming increasingly active in the market.The key question arising from this data is whether these whales are buying or selling. IntoTheBlock’s analysis indicates that the activity points to accumulation rather than liquidation. Addresses holding more than 0.1% of Ethereum’s total supply have shown the highest daily accumulation in more than a month. This trend suggests that large holders are increasing their positions, potentially anticipating further price appreciation.Ethereum whales are waking up The number of $ETH transactions larger than $100k spiked strongly yesterday, reaching its highest point since late March.So, are whales buying or selling? Data points to accumulation by large holders, with addresses holding >0.1% of the supply… pic.twitter.com/QR20BDemLIThe renewed activity among whales comes amid a robust rally in the price of ETH. As of the latest data, Ethereum is trading at $3,732, marking a modest 0.96% increase over the past 24 hours. More impressively, ETH has surged by 28.79% over the past seven days, highlighting strong market momentum.Several technical indicators are also providing bullish signals for Ethereum. The Relative Strength Index (RSI) for ETH is currently at 69.29. An RSI above 70 typically indicates that an asset is overbought, but values just below this threshold suggest strong buying interest without yet reaching overbought conditions.Additionally, the Moving Average Convergence Divergence (MACD) level is at 104.47. The MACD is a trend-following momentum indicator that shows the relationship between two moving averages of a security’s price. A positive MACD indicates that the price is on an upward trend, further supporting the bullish outlook for Ethereum.
