Ethereum has surged back to as high as $2,700, riding the wave of a broader crypto market rally.

Social media is abuzz with renewed excitement around the second-largest cryptocurrency by market cap, and margin trading activity is on the rise, with Ethereum wallets on leverage exchanges hitting 7-week highs.

In a significant development, two major market participants moved a combined 8,510 ETH ($21.9M) to centralized exchanges (CEXs) over the past nine hours.

One of these players, an Ethereum ICO whale using the wallet “0xb8c,” transferred 3,510 ETH ($9.04M) to Kraken, marking their first major move in three months. Despite the sale, this whale still holds a substantial 136,000 ETH ($358M) across eight wallets.

Meanwhile, the wallet “0x999,” likely associated with Genesis Trading’s bankruptcy distribution, sent 5,000 ETH ($12.9M) to FalconX. This wallet retains 162,000 ETH ($423M) following the transaction.

Ethereum’s price is currently mirroring Bitcoin’s movements, with both assets experiencing alternating price swings in recent hours.

Ethereum Foundation With Steady ETH Offloads 

However, not all signs point to strength. The Ethereum Foundation has been steadily offloading ETH throughout September, selling another 200 ETH today for 527,989 DAI. This brings the total ETH sold this month to 1,150 ETH ($2.8M). Notably, these sales have occurred frequently, with the latest transaction happening just three days ago.

In contrast to Bitcoin, Ethereum spot ETFs faced outflows last week. Ethereum ETFs saw a net outflow of $26.26M, while Grayscale’s ETHE witnessed a more substantial outflow of $46.38M, indicating potential caution among investors despite the recent rally.

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: Bastian Riccardi on Unsplash // Image Effects by Colorcinch