- Ethereum whales have become more active lately.
- ETH is trying to establish the $3,600 range as support.
Analysis showed that before Ethereum [ETH] ETF was approved, a certain whale address made bold moves by acquiring more ETH at a specific price point.
As a result, a significant unrealized gain was recorded at this address. Additionally, further analysis showed a similar pattern at other whale addresses leading up to the ETF approval.
Whale acquires Ethereum and ecosystem tokens
An analysis of Look at chain revealed that a certain whale wallet anticipated the adoption of the Ethereum spot ETF and made a substantial purchase of ETH.
The data showed that the whale acquired 8,733 ETH for approximately $3,054.56, which totaled approximately $26.67 million. As a result, the whale’s wallet now contains approximately $6 million in unrealized profits.
Following the approval of Form 19b-4 by the Securities and Exchange Commission (SEC), the whale proceeded to purchase other tokens within the Ethereum ecosystem, amounting to $24.7 million.
Among these tokens is the Lido DAO [LDO] token, which represents the platform with the highest volume of ETH stakes. The unrealized profit for these wallet ecosystem tokens is approximately $1 million.
Ethereum whale activity is increasing
AMBCrypto’s analysis of Ethereum addresses holding 10,000 or more ETH revealed significant movement in recent days.
According to data from Glassnode, there was a decline in the number of such addresses before a trend reversal occurred around May 19.
The graph illustrates an increase in the number of addresses from approximately 997 to approximately 1,006 at the time of writing.
Further research revealed that the number of addresses holding $100,000 or more worth of ETH also saw a notable increase.
Over the same period this figure rose from around 117,500 to over 140,000 at the time of writing.
Source: Glassnode
ETH stakes see a slight decline
AMBCrypto’s look at the entire Ethereum deployed indicated a brief decline, followed by a rebound around May 20.
According to the chart, it has increased from around 32.3 million ETH to over 32.5 million ETH during this period. At the time of writing, total ETH stakes amounted to approximately 32.56 million, with a slight decline observed.
Moreover, the current betting volume represented approximately 27.1% of the total Ethereum supply.
Ethereum maintains a bull run
At the time of writing, Ethereum was trading at around $3,790, reflecting an increase of more than 1%. Analysis of the daily timeframe chart indicated that the company is making efforts to hold the $3,700 price range since it rose to that level.
Read Ethereum’s [ETH] Price forecast 2024-25
The current trend suggested Ethereum’s attempt to establish the $3,600 range as support.
Source: TradingView
The Relative Strength Index (RSI) showed that Ethereum was slightly below the overbought zone. This suggested a strong bullish trend, but also implied the possibility of a decline even in the midst of another potential bull run.