Ethereum Whales Trigger Buying Spree as Price Surges Above $3,600

Recent data from the @spotonchain analytics account reveals a surge in Ethereum (ETH) purchases by several prominent whales, coinciding with a 6% price increase over the last three hours. This sudden uptick in Ethereum's value is likely attributable to a corresponding surge in Bitcoin prices, which have reclaimed the $72,000 mark. At present, Ethereum, the second-largest cryptocurrency, is trading at $3,620, marked by three consecutive hourly green candles indicating positive momentum.

Ethereum Whales Drive Price Surge with Multi-Million Dollar Buying Spree

According to reports from @spotonchain, Ethereum whales have engaged in substantial buying activity, propelling ETH's price beyond $3,410. In the last 14 hours, two anonymous whales collectively acquired 10,322 ETH, amounting to $35.1 million in stablecoins. One whale utilized eight separate wallets to purchase approximately 6,145 ETH at an average price of $3,395 per coin within the past nine hours. Simultaneously, another whale acquired 4,178 ETH for 14.25 million DAI when ETH was trading at $3,410 around 14 hours ago.

Whales' Buying Spree Propels Ethereum's Price Surge while Ethereum Foundation Capitalizes on Profits

The influx of significant purchases by these whales is believed to have contributed to Ethereum's recent price surge, according to the @spotonchain account. Additionally, two other whales, identified as -0x666 and -0x435, secured a combined total of 11,675 ETH from Binance at approximately $3,455 per coin, valuing their holdings at $40.28 million in fiat currency. However, amidst the buying spree, an entity resembling the Ethereum Foundation opted to capitalize on profits by selling 100 ETH for 345,000 DAI stablecoins, as reported by @PeckShieldAlert.

Ethereum's Price Surge Echoes Bitcoin's Bullish Momentum

The notable spike in Ethereum's value mirrors the recent bullish movement of Bitcoin, the world's foremost cryptocurrency. Bitcoin's surge, marked by three consecutive green candles, propelled its price above $72,000. Although Bitcoin has since experienced a minor downturn, losing nearly $1,000, its upward momentum continues to influence Ethereum's market dynamics.

In summary, Ethereum's current price surge is fueled by significant whale activity and closely follows Bitcoin's trajectory, indicating a broader bullish sentiment across the cryptocurrency market.