Ethereum whales make moves: Were key metrics impacted?
- 14,000 ETH were sent to different exchanges by whales in the last 24 hours.
- ETH’s price remained in an uptrend despite the whale moves.
Over the past 24 hours, Ethereum [ETH] whales have made significant movements that affected the flow of assets into exchanges. Which direction are these whales headed?
How much are 1,10,100 ETHs worth today?
Ethereum whales activate wallets
A recent report from Lookonchain highlighted a noteworthy Ethereum whale transaction. This particular whale, who initially participated in the Initial Coin Offering (ICO), deposited 6,000 ETH, valued at nearly $10 million, into the Kraken exchange.
Notably, this whale had acquired 254,908 ETH during the ICO phase at an approximate price of $0.31 per ETH. These holdings have now appreciated significantly, reaching a value exceeding $422 million at the press time market price.
— Lookonchain (@lookonchain) September 18, 2023
In addition to this, another significant transaction occurred on the same day, as reported by Etherscan. A different whale transferred 8,000 ETH, valued at over $13.2 million, to the Binance [BNB] exchange.
It’s worth noting that this particular whale had also previously transferred 12,000 ETH, equivalent to around $20 million, to Binance over 20 days ago. When combined with this recent transaction, the total amount of ETH moved by whales in the past 24 hours sums up to 14,000 ETH.
Whale moves impact Ethereum exchange flow
As of the closing of trading on 18 September, the CryptoQuant exchange netflow metric showed a greater amount of ETH leaving exchanges compared to entering them. The netflow recorded at that time was approximately -25,873.
However, as of this writing, the netflow has turned positive, with over 29,000 recorded.
This change in netflow suggested that, at press time, more Ethereum was flowing into exchanges, indicating an increased selling pressure in the market.
Also, examining the volume chart on Santiment showed that there had been a recent increase in trading volume following a period of decline. The press time trading volume was over $5 billion, following a peak of over $6 billion during the previous trading session.
ETH maintains trends despite whale moves
The daily timeframe chart of Ethereum revealed that the recent influx of Ethereum into exchanges has not had a negative impact on its price trend, at least not at the moment.
The chart indicated that ETH concluded the previous trading session at approximately $1,637, marking an almost 1% price increase.
Read Ethereum’s [ETH] Price prediction 2023-24
Furthermore, as of this writing, ETH had continued its upward trajectory and was trading at around $1,643, with a less than 1% increase in price. However, it was still trending below the neutral line on its Relative Strength Index (RSI).
This also suggested potential room for further price movement.