Ethereum Surpasses $3000 Mark Amidst Whales’ Accumulation

In a significant move for the cryptocurrency market, Ethereum, the second-largest digital asset, breached the $3000 milestone yesterday, marking a notable achievement in its price trajectory.

However, today saw a slight retracement, with Ethereum dipping to $2,900, reflecting a marginal 1% decline.

The surge past the $3000 mark prompted a considerable number of Ethereum addresses, approximately 879,000, to become profitable. 

These addresses, which had been in a loss position for the past two years, now find themselves in a profitable situation, potentially considering selling to break even at this pivotal psychological threshold.

Despite this, analysts view this segment of addresses as a relatively minor obstacle for Ethereum, given that over 83% of addresses are already in profit. 

As such, the prevailing sentiment suggests that Ethereum is poised to overcome this threshold without encountering significant hurdles.

Meanwhile, onchain reports reveal intriguing activity among Ethereum whales amidst today’s price decline. Spotonchain data indicates that a significant whale, identified as 0x7a9, purportedly executed substantial accumulation maneuvers. 

Surprising Ethereum Whale Movements To Monitor

The whale allegedly acquired 13,526 ETH, equivalent to $39.85 million, at an average price of approximately $2,947.

Notably, the whale conducted multiple transactions, including withdrawing 10,136 ETH ($29.85 million) from Binance and purchasing 3,390 ETH using 10 million USDT through the 1inch platform.

In a span of just three days, the whale has accumulated a staggering 64,501 ETH, totaling $185.5 million in value.

Additionally, there are indications that the whale may continue its accumulation efforts, as evidenced by another 40 million USDT withdrawal from Binance, potentially earmarked for further acquisitions.

The recent price movements and whale activity underscore the dynamic nature of the Ethereum market, highlighting both investor enthusiasm and strategic maneuvers by major holders.

As Ethereum continues to navigate its price trajectory, market participants closely monitor these developments for insights into potential future trends and opportunities within the cryptocurrency landscape.

Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.