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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum (ETH) Continues Rally As Whales Goes On Buying Spree, $1,700 Next?

Samuel Edyme
Samuel Edyme
2 years ago
3 mins read
Ethereum Whale

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While the rest of the crypto market has been in an upward trend over the past few days, the Ethereum (ETH) spike might have just been fueled by the asset’s recent whale accumulation spree.  

Over the past three days, between Sunday and Tuesday, Ethereum has seen a spike in price regaining the major losses in its value last week. ETH has soared from a low ranging in the $1,400 region as of March 11 to trade above $1,600, at the time of writing.

Whales Buying Spree On ETH

The crypto market has been on a bullish trend for the past few days, and with Ethereum being the second-largest crypto by market cap, the ETH surge can be attributed to many factors. However, the most notable factor so far behind ETH’s spike can be linked to several whales buying up a large amount of ETH.

According to a Santiment report shared by crypto analyst Ali Charts, Ethereum whales who once had a balance of 1,000 to 10,000 ETH have now added a massive 400,000 ETH to their ETH balance amid the market’s recent downward trend. The total amount of the added ETH is estimated to be worth about $600,000,000 and has been attributed to the current ETH surge.

Ethereum whales

ETH whales go on buying spree | Source: Santiment

Notably, Ethereum whales have since been on a buying spree over the past weeks. NewsBTC recently reported citing a Santiment report that Ethereum whales with non-exchange addresses added more than 25 million ETH to their balance, a figure that was last seen in 2016.

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Ethereum Price Hold Strong At $1,650 But Risk of Pullback Increases

1 year ago

According to the report, in 2016, when the top wallets held this much ETH, the price of ETH surged by over 1,000%, from a meager $0.93 to over $12 by the time the rally was done. Meanwhile, Ethereum whales have not been focused on ETH alone as they have also expanded interest to other altcoins in the market such as Shiba Inu (SHIB) and Polygon (MATIC).

Ethereum Continues Rally, $1,700 Next?

Despite the fact that there is a reason for a decline in price given the US ongoing bank crisis, ETH and the rest of the crypto market have only continued to show a bullish trend since Sunday. Over the past three days, Ethereum has added over $30 billion to its market cap, surging from a March 11 market cap low of $174 billion to $206 billion, as of today. 

Related Reading

Ethereum whales

Ethereum Whales Shake Off Market Uncertainty, Break 7-Year Accumulation Record

2 years ago

This surge comes after ETH initially showed exposure to the negative news in the industry last week alongside the rest of the crypto market. However, with the ongoing ubiquitous rally, ETH has been quick to recover from the major losses experienced last week.

Ethereum (ETH) price chart on TradingView
Ethereum (ETH) price) is moving sideways on the 4-hour chart. Source: ETH/USDT on TradingView.com

At the time of writing, ETH trades at $1,690, looking to break above $1,700. With whales currently participating in an accumulation spree on ETH, the asset could soon revisit the $1,700 mark for the first time since the February surge.  

Featured image from Unsplash, Chart from TradingView
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Samuel Edyme
Samuel Edyme

Samuel Edyme

Meet Samuel Edyme, Nickname - HIM-buktu. A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others.

Read more

Edyme’s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis.

Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events—like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ’s arrest—has honed his keen sense of market dynamics.

When he isn’t crafting engaging crypto content, you’ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he’s catching some Z’s or scrolling through Elon Musk’s very own X platform—(oops, another screen activity, my bad…)

Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters—(don’t judge, that’s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or “kaizen,” striving to be 1% better every day. His mantras, “God knows best” and “Everything is still on track,” reflect his resilient outlook and how he lives his life.

In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He’s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck—unflappable. Edyme is like trading in your car for a jet—bold. He’s the guy who’d ask his boss for a pay cut just to prove a point—(uhhh…). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent—okay, maybe that’s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps.

Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That’s just not the way he roll. He has these favorite lyrics from NF’s “Clouds” that resonate deeply with him: “What you think's probably unfeasible, I've done already a hundredfold.”

PS—Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He’s 100% Him-alayan. Screw it, he ate the opp.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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