In the world of cryptocurrencies, Ethereum (ETH), the most important “alternative cryptocurrency” according to the market capitalization, shows signs of strong growth, while the price of Bitcoin (BTC) exceeded 35,000 dollars. The total market value of cryptocurrencies is inching towards a significant target of 1.5 trillion dollars, after a long period in which the market was stagnant.
This growth was driven by increased optimism on the broader economic front, as well as positive news coming from the cryptosphere. Ethereum (ETH) is of particular interest to investors because shows stable growth and exceeds key technical levels.
In addition, noted “crypto whales”, i.e. investors with extremely large portfolios, are making moves that attract attention. Their strategic moves, including large stakes in Ethereum, suggest that they believe in the future growth of cryptocurrency. Cryptocurrency market situation and movement Ethereum goes beyond the technical numbers. Therefore, investors and cryptocurrency enthusiasts with interest follow the upcoming changes in this dynamic market.
Moves of “crypto whales”
“Crypto Whales” are investors who have been present in the industry for a long time and have achieved significant success. The title “whale” they get because their capital exceeds a certain amount. According to others definitions, we are talking about the owners of at least ten percent of a certain cryptocurrency, whose moves directly affect its price. On November 4, the Ethereum crypto kit deposited 31.8 million dollars on the Binance cryptocurrency exchange to buy 8,698 Ethereum a few hours later. The move is a strategic example of buying Ethereum tokens.
Just two days ago, on November 2nd, the same crypto kit deposited Ethereum tokens worth of 45 million dollars on the Binance cryptocurrency exchange, and made a profit of 5.4 million dollars after the price of Ethereum went up. According to LookOnChain, the trade performance of this of the mystery whale is pretty good. Since February 12, the whale has made eight transactions, of which seven were profitable. This cumulative profit exceeding 13 million dollars makes it very profitable. It is believed that the new moves of this mysterious whale can predict a new breakthrough, given that he made his latest purchase at a higher level.
Will the price of Ethereum (ETH) rise?
The fact that Ethereum achieves respectable growth, and conquers support lines, in addition to short-term ones closing above the $1,880 level indicates its positive trend. On the other hand aside, Bitcoin’s recovery after the latest resistance test is promising for investors. On the other hand side, renowned cryptoanalyst Ali Martinez shared his current price view Ethereum with the latest moves of crypto whales, and wrote that we would have to wait Ethereum breaking above the key support line that formed at $1,960 yes we would see further growth. If the price of Ethereum manages to break the resistance at $1,960, it would could firmly establish the $2,000 level as support and initiate a path towards the target of $5,000 one more time.