Ethereum’s Price Surges as Crypto Whale Stakes $45.5 Million: Confidence in Long-Term Potential Soars

Ethereum’s Price Surges as Crypto Whale Stakes $45.5 Million: Confidence in Long-Term Potential Soars

Crypto News – In a bold move that has reverberated throughout the crypto sphere, a significant whale has staked a monumental $45.5 million in Ethereum (ETH), sparking a notable surge in its price. This decisive action, alongside similar accumulations by other whales, underscores the growing confidence among major investors in Ethereum’s long-term potential.

Recent data from the on-chain analytical platform Lookonchain unveils a captivating development. A prominent whale wallet, identified as 0x8B9, swiftly withdrew 14,632 ETH, valued at approximately $45.5 million, from Binance and promptly staked the entirety within just six days.

Additionally, a report from Spot On Chain sheds light on another intriguing transaction. A newly identified wallet, 0xBa7, executed a significant withdrawal of 3,000 ETH (approximately $9.18 million) from Kraken, at a moment when Ethereum’s price stood at $3,061. Notably, ETH emerges as the sole token of choice for this particular whale, signaling a deliberate and targeted investment approach.

Furthermore, weekends witnessed further whale accumulation. Specifically, two new wallets withdrew a combined total of 6,000 ETH from Kraken, amounting to an impressive $18.17 million, at an average price of $3,028. These movements, from centralized exchanges to self-custody solutions, indicate a strategic long-term holding strategy. Consequently, such actions alleviate selling pressure on Ethereum, nurturing a bullish market sentiment.

The impact of these strategic maneuvers is palpable in Ethereum’s price trajectory. Over the past month, ETH has witnessed a remarkable ascent, with its value soaring by nearly 35%. This surge catapulted the price of ETH to $3,100, marking a pinnacle not observed since April 2022. Market intelligence firm Decentrader has closely monitored this trend and suggests that market bulls aim for a new resistance level at $3,300.