Ethereum reaches $3,200 as whale activity increases
TLDR
ETH price rises roughly 29% to $3,200 Justin Sun deposits 19,000 ETH ($60.83M) into HTX exchange Former ETH ICO participant reactivates after 3 years, moves 1,555 ETH to Coinbase Major whale moves 46,853 ETH for $138.7M USDC since November. With strong network activity, it is approaching $400 billion.
Ethereum has shown significant success in recent days, pushing the price level of $3,000 and reaching $3,200, which represents a 29% increase in the last week.
This price movement triggered profit-taking from several major cryptocurrency holders.
Tron founder Justin Sun has emerged as one of the most prominent figures in the recent price hike.
According to recent trading data, Sun deposited 19,000 ETH into the HTX cryptocurrency exchange, worth approximately $60.83 million. This transfer happened when ETH was trading at $3,202.
The deposit represents only a portion of Sun's total Ethereum holdings. According to data from Spot On Chain, Sun previously received 392,474 ETH between February 8 and August 5 in three different wallets.
Justin Sun (@justinsuntron) looks like he's cashing in on $ETH with the latest market rally!
Deposited his first $19,000 $ETH ($60.83M) into HTX at $3,202 15 hours ago.
This is part of the net 392,474 $ETH said to have been acquired at an average price of $3,027.
— Spot On Chain (@spotonchain) November 11, 2024
The average purchase price is $3,027 and the total investment is estimated at $1.19 billion. The latest transfer resulted in a profit of 69.36 million dollars, which is a profit of 5.69% of the initial investment.
Adding to the market activity, an early Ethereum ICO participant has resumed trading after being inactive for nearly three years.
PeckShield Alert This wallet holder transferred 1,555 ETH to Coinbase, worth about $5 million. Participant's initial ICO investment was only $1,951 for 6,292 ETH, their current holdings are around $20.15 million.
Whale activity also increased during this period. Loonchain data shows that the main owner of 398,891 ETH, worth $1.28 billion, sold 46,853 ETH for $138.8 million USD since November 7.
As of November 7th, the giant whale with 398,891 $ETH ($1.28B) sold 46,853 $ETH for $138.8M at $2,920!
7 hours ago, the whale transferred another 12,886 $ETH ($41.24M) to sell.
The whale currently holds 352,036 $ETH ($1.27B). pic.twitter.com/8YGA6vx7iG
— Lookonchain (@lookonchain) November 11, 2024
The same whale recently moved an additional 12,886 ETH, worth $42 million, to various exchanges. Despite these transfers, the whale currently has a peak holding of 352,036 ETH, worth $1.27 billion.
The cryptocurrency market capitalization has grown significantly, approaching $400 billion. Volume trading on major exchanges remained strong. The spot Ethereum ETF has seen healthy gains, especially following recent market developments.
Technical indicators suggest potential resistance around the $3,200 level. The price is currently trading above both $3,120 and the 100-hourly simple moving average. A bullish trend line has formed at $3,120 support on the hourly chart.
The market has established several key support levels, with initial support near $3,150 and major support at $3,120. If the price breaks below these levels, there is additional support at $3,080. The $3,000 mark serves as a psychological support level for traders.
On the upside, the market will face resistance at $3,250, the main resistance point will be established at $3,300. Market watchers say a break above $3,300 could lead to a test of higher levels around $3,350.
The hourly MACD shows momentum in the bullish zone, while the RSI remains above the 50 mark, indicating sustained buying pressure. Trading volume on major exchanges has increased, indicating active market participation.
Blockchain analytics platform Santiment has observed healthy network activity, suggesting the possibility of continued price movement. The platform indicates that profits from Bitcoin's current bull run could be redistributed to Ethereum.
Recent price movements have attracted attention from a wide range of market participants, with some early investors taking profits while others held their positions. The market continues to show strong trading and institutional interest in ETF investments.
Current data shows the price hovering near the $3,200 mark, with active trading continuing on major exchanges. The market is responsive to large swings and whale movements, with traders closely monitoring support and resistance levels.
