Ethereum Rebounds Above $3,600 As Whales Accumulate

Ethereum has made a notable rebound, surpassing the $3,600 mark today, fueled by reports of whale accumulation of ETH tokens.

According to data from Lookonchain, significant withdrawals from exchanges have been observed, indicating whale activity.

One such example is wallet address 0xACc7, suspected to be associated with Matrixport, which withdrew 22,251 ETH ($80.06M) from exchanges in the past few hours and a total of 33,925 ETH ($122.06M) over the past three days.

Another whale, identified as “0x4359,” withdrew 3,092 ETH ($11.12M) from Binance once again, following a withdrawal of 24,044 ETH ($86.5M) from the exchange in the past three days.

More Notable Ethereum Whale Deposit On Exchanges

Spotonchain’s outflow report highlighted a significant deposit by a massive ETH whale, wallet address 0x347, who deposited 9,000 ETH ($32M) to Binance at a price of $3,560, likely for profits. Notably, this deposit marks the largest ETH deposit by this whale to date.

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Despite these withdrawals and deposits, the whale 0x347 still holds 29,738 ETH (approximately $106M), with an estimated total profit of $68.5M, representing a remarkable 65% increase.

The activity of these whales suggests a bullish sentiment surrounding Ethereum, as they accumulate significant amounts of the cryptocurrency. 

This accumulation, coupled with the rebound in Ethereum’s price, reflects growing confidence in the asset’s potential for further gains in the near future. 

As investors and traders monitor whale activity closely, Ethereum’s performance remains a key focus within the cryptocurrency market.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: nexusplexus/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

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