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Ethereum price movement after high ETH whale activity

By:
on Jan 5, 2023
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  • The on-chain analytics platform, Santiment, revealed that there was a rise in ETH whale transactions.
  • There were 611 transactions 4 hours prior to and during ETH's price movement.
  • Ethereum can increase by 10% by the end of January 2023.

Ethereum (ETH/USD) has seen an increase in its value as well as network activity as whales have begun moving the cryptocurrency.

Ethereum is the second largest cryptocurrency in terms of capitalization and stands out due to its smart contract support and vast ecosystem of decentralized applications (dApps), which power the Decentralized Finance (DeFi) space.

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Whale transactions of ETH as a catalyst for growth

In the latest Ethereum news, the behavior analytics platform for cryptocurrencies, Santiment, published an update surrounding the Ethereum cryptocurrency.

Specifically, Santiment showcased how ETH rebounded back above $1,260 for the first time throughout the last three weeks and that whales are showing interest in the cryptocurrency again.

Source: Santiment

Based on the data, 611 transactions occurred 4 hours before and throughout the ETH price movement, all of which were worth more than $100,000.

Additionally, PeckShiedlAlert published an update that Genesis Dormant-labeled addresses transferred $64K Wrapped Ethereum (WETH/USD) and deposited 54.99K WETH into MakerDAO.

Afterward, the wallet borrowed 25M DAI (DAI/USD) from MakerDAO (MKR/USD)  and transferred 4M DAI to Coinbase and 1M DAI to Kraken. 

Ethereum analyst Michaël van de Poppe, the CEO and Founder of the Eight trading platform, posted on Twitter that Ethereum needs to bounce from $1,200 or “things get painful.”

Should you buy Ethereum (ETH)?

On January 5, 2023, Ethereum (ETH) had a value of $1,245.80. 

ETH/USD Chart by Tradingview

The all-time high of Ethereum (ETH) was on November 10, 2021, at a value of $4,878.26. Here we can see that at its ATH, the value was $3,632.46 higher, or 291% higher.

When we go over the 7-day performance of the Ethereum (ETH) cryptocurrency, we can see that the low point was $1,188.34. However, its high point was at a value of $1,264.50. Here we can see a difference of $76.16, or 6%.

In terms of the 24-hour performance, Ethereum (ETH) saw its low point at $1,247.16, while its high point was at $1,264.50. Here we can see a $17.34 difference, or by 1%.

With this in mind, investors will want to buy ETH as it can climb to $1,370 by the end of January 2023.