Ethereum Whales Accumulation Spikes to a 6-Week High as Its Price Declines to $2.38K

Ethereum's whale activity spiked to a 6-week high as its price declined as low as $2.38K Friday. Historically, this is a sign of accumulation from high capital key stakeholders.

On Friday, as the price of Ethereum fell to $2,380, the token saw a surge in whale trading, the highest in six weeks. The increase in large transaction volume indicates a possible shift in the market, but the impact on Ethereum’s price recovery is still unclear.

? Ethereum whale activity surged to 6-week highs as its price fell as low as $2.38K on Friday. Historically, this has been a sign of accumulation from high-capital major stakeholders. While there’s no guarantee this will have an immediate impact on the price rebound, it’s encouraging! pic.twitter.com/zcofdvszLF

Data from Santiment shows an uptick in transactions above $100,000, which is in line with Ethereum’s recent price swings. Increased whale activity has brought higher volatility, with large candlestick movements seen on the Ethereum price chart.

This six-week whale trading surge was also accompanied by a 51.86% volume surge to $23.74 billion.

Record wallet creation hints at broader investor interest

Additionally, Ethereum saw a surge in new wallet creation, with 6,428 wallets being created in a single day. This spike coincided with large whale trades, indicating growing interest in the token from new and existing market participants, which could be driven by broader crypto trends or upcoming developments on the Ethereum network.

Also Read: Ethereum whale dumps $53M in ETH as price surges to $2,600

Ethereum price closed at $2,455.37, down 1.50% from the past 24 hours. After briefly touching $2,500 midday, Ethereum hit resistance and fell before recovering.

Furthermore, Ethereum’s market capitalization is $295.62 billion. Despite recent price drops, Ethereum’s market value remains stable, with circulating supply and total supply matching each at 120.4 million ETH.

Technical indicators send cautious signal

Technical analysis shows mixed signals for Ethereum’s momentum. The MACD continues to be bearish, with the MACD line at -16.51, which is below the signal line at 6.25, indicating that traders continue to be cautious.

Meanwhile, the RSI is at 43.73, below the neutral 50, showing mild bearish sentiment but not yet into oversold territory.

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