According to on-chain data platform Lookonchain, an unnamed crypto whale known for well-timed Ethereum (ETH) trades in the past, has purchased an additional $5.53 million worth of ETH on Binance amidst turbulent market conditions.

Ethereum Whale Ramping Up Purchase

According to an X post on November 22, the purchase follows an acquisition last week when $18 million of USDC, a stablecoin, was used to acquire ETH at around $1,971. With the whale appearing to ramp up ETH purchases, Lookonchain speculates that the same trader is positioning for an upcoming ETH breakout past the stubborn $2,100 resistance level that could signal a renewed bull market. 

It should be observed that despite recent expansions in ETH, the $2,100 level remains a crucial reaction point for traders. The only time prices flew above this level was in late July and early November 2023. Prices continue to edge higher when writing but remain below the liquidation line. 

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Author: Dalmas Ngetich

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