- Ethereum whale withdraws 5160 tokens worth $20 million.
- ETH has made a moderate recovery rising by 3.7%.
Over the past month, Ethereum [ETH] has traded in an upward trend. As such, since hitting a local low of $2,355, the altcoin has surged to hit $4096.
However, since reaching this level, it has experienced a correction and retraced to $3501. As of this writing, Ethereum was trading at $3,899. This marked a 0.6% decline on daily charts.
This market pullback created a buying opportunity especially for large holders with whales turning to buying the dip.
Whales continue accumulating ETH
According to On-chain tracker Lookonchain, whales are accumulating ETH after the altcoin’s price drops. As such, a whale created a new wallet and withdrew 5160 ETH tokens worth $20 million from Binance.
With whales accumulating ETH, it shows large holders confidence especially as long-term holders’ profits continue to rise.
Source: Santiment
We can see this as Ethereum’s MVRV long/short difference has continually increased over the past week. It has risen from 5.17% to 8.56% signaling not only market confidence but also rising profitability.
What ETH charts say
According to AMBCrypto’s analysis, Ethereum is currently experiencing a strong bullish sentiment amidst buying pressure from large holders.
