Ethereum Price Surge Attracts Whale Activity to Three-Month High

Ethereum Price Soars to $2,800

Ethereum has experienced significant growth, surpassing the three-month high of $2,800. The cryptocurrency gained 8% in the last 24 hours, with a market cap exceeding $336 billion and a trading volume increase of 27% to $38 billion.

Whale Transactions Spike Amid Price Surge

Large Transactions Reach Three-Month High

Whale activity in Ethereum surged as the price hit $2,800. Data revealed a 60% increase in large transactions worth at least $100,000, reaching a three-month high of 7,270 unique transactions on Wednesday.

Whale Accumulation Slows Down

Despite the spike in whale activity, accumulation has slowed down in the past week. Large-holders moved over $8.7 billion worth of ETH, with net inflow declining from 91,300 ETH to 5,930 ETH. This may indicate uncertainty among Ethereum whales amid market volatility.

Market Outlook and Potential Impact on Retail Investors

Potential Impact of U.S. Presidential Election News

The recent market surge following the U.S. presidential election news has fueled uncertainty among investors. With 53% of ETH supply held in whale addresses, any significant shift in whale behavior could trigger fear and doubt among retail investors.

Profit-Taking and Long-Term Holder Behavior

Despite profit opportunities, over 74% of ETH addresses have been holding the cryptocurrency for over a year. Currently, 71% of ETH holders are in profit, signaling a potential for mild profit-taking. However, any sudden influx of ETH into exchanges could create further market volatility.