The Ethereum whale posted $9.12M as a transaction volume of 79%

TLDR

Big Ethereum whale injects 3,510 ETH ($9.12M) into Kraken After 2 years Ethereum trading volume rises 79.30% to $28.21B in 24 hours On-chain metrics show mixed signs, with neutral network growth but long/ The short ratio was slightly bullish with 52.28% long versus 47.72% short.

Significant Ethereum whale trading and increased trading volume have attracted the attention of crypto market watchers.

A former Ethereum ICO participant who initially received 150,000 ETH (currently worth $389.7 million) deposited 3,510 ETH ($9.12 million) into the Kraken exchange. This move comes after more than two years of inactivity, which may indicate renewed interest in the market.

At the same time, the trading volume of Ethereum showed an impressive increase of 79.30% in a 24-hour period, reaching $28.21 billion.

This increase in volume usually indicates an increase in trading interest and can lead to significant price fluctuations. At the time of the report, Ethereum increased by 3.02% to $2,656.39.

However, on-chain metrics present a mixed picture of Ethereum's current state. Network growth remains neutral at 0.19%, suggesting no significant influx of new users.

On a positive note, the In the Money indicator shows a 11.21% higher reading, indicating that a significant number of Ethereum holders are currently in profit. This may reduce selling pressure and support price stability.

Other parameters such as concentration and large transactions show neutral trends with no significant changes in whale stocks.

This shows that while the recent whale deposit into Kraken is interesting, it has yet to trigger a broader shift in Ethereum's on-chain dynamics.

The long/short ratio provides an indication of trader sentiment, with a slight advantage for bulls. As of September 23, 52.28% traders are holding long positions while 47.72% are shorting the market.

This margin suggests that traders who support more space expect further price increases for Ethereum.

The recent whale activity and surge in volume has certainly drawn attention to Ethereum, but the mixed on-chain signals suggest caution.

Traders and investors will be watching to see how these developments unfold and translate into continued price action for the second largest cryptocurrency by market capitalization.