ETH Whales are on the Move: Total of 13.818 ETH Withdrawn

Crypto News – According to Lookonchain, crypto whales have begun to gather and stake ETH, the native token of the Ethereum blockchain. Platform data show that two whales withdrew a sizable amount of ETH from the Binance exchange.

ETH Whales are on the Move: Total of 13.818 ETH Withdrawn

Lookonchain claims that one whale removed 4,288 ETH (equivalent to $7.2 million), and another whale withdrew 9,530 ETH (equivalent to $16 million). Additionally, Lookonchain claimed that both whales moved all of the ETH that was withdrawn to staking accounts.

In addition, the observation from Lookonchain coincides with a resurgence of bullish optimism in the price of ETH. As a result of Lookonchain’s observation, Crypto Vikings, a commenter on the post on X, hypothesized that the stockpiling might be taking place in anticipation of the approval of an ETH Futures ETF.

Ethereum May See $1,800

At the time of writing, ETH tested the next key resistance level at $1,750 and was trading for $1,685.54. On August 29, when ETH gained more than 6% in a single day, that level was last tested. Given the growing optimistic attitude and continuous whale piling noted by Lookonchain, if ETH breaks above $1,750, we might see the leading altcoin rise above $1,800 and possibly higher.