Ethereum Whale Activity Spikes To 6-Week High – Smart Money Accumulation?

Quick Summary:

Major accumulation phases typically happen in periods of price weakness or extended consolidation, laying the foundation for potential upward movement.  Ethereum’s price action has been lackluster in recent months, with ETH struggling to break out despite occasional bullish sentiment.

Related Reading: Dogecoin Liquidity Sweep Signals DOGE Is Ready For A Rally This spike in large transactions suggests potential accumulation by whales, a pattern often viewed as a bullish signal when occurring near key support levels.

According to key data from crypto analysis platform Santiment, Ethereum’s whale activity reached a six-week high as the price declined to $2,380 on Friday.  Historically, such a spike in activity from whales—large stakeholders with substantial capital—signals accumulation.

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Article Details

Author / Journalist: Sebastian Villafuerte

Category: Crypto

Markets: United Kingdom

Topics: Ethereum news Ethereum Ethereum Whale Ethereum Price action Ethereum Whale Buying Ethereum On-Chain Data Ethereum accumulation ETHUSDT ETH Ethereum Ethereum Analysis

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-27 @ 02:30:09 (2 days ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 600 words

Reading Time: 4 minutes read

Sentences: 66 lines

Sentence Length: 10 words per sentence (average)

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Copyright Owner: © NewsBTC

News ID: 23256289

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