. Ethereum's Bullish Trajectory: Whale's Move to Kraken Stuns Market

Ethereum’s Bullish Trajectory: Whale’s Move to Kraken Stuns Market

Ethereum’s Bullish Trajectory: Whale’s Move to Kraken Stuns Market

07 Dec 2023

Revived Ethereum Whale Transfers 39,000 ETH to Exchange Following Almost 700% Unrealized Gain.

A previously dormant Ethereum whale has reemerged, deciding to cash in on the nearly 700% gains on over 47,260 ETH acquired between June and August 2017 at an average price of $240 per token. The whale recently deposited the remaining 39,260 ETH, now valued at $87.5 million, onto the popular cryptocurrency exchange Kraken. This move represents a substantial increase in the whale’s initial investment of around $11.34 million, resulting in a potential net profit of $78 million, marking an impressive gain of approximately 670%.

This resurgence coincides with a broader trend observed by analytics firm CryptoQuant, indicating a notable increase in Ethereum holdings by institutional investors. The growing interest from institutional players suggests a renewed confidence in the long-term value of Ethereum, with a focus on the upcoming Ethereum 2.0 upgrade and other enhancements as potential market drivers.

CryptoQuant’s analysis highlights the institutional community’s belief in Ethereum’s future growth, as evidenced by its participation through various channels such as trusts, exchange-traded products, and investment funds. Notably, these investors are not merely reacting to current market trends but are also anticipating Ethereum’s promising future developments.

Renowned finance and investment figure Raoul Pal, a former Goldman Sachs executive, supports this sentiment, suggesting that Ethereum could outperform Bitcoin in what he refers to as Crypto’s “late spring” phase. Pal cites the Tom Demark Sequential indicator, a popular technical analysis tool, to bolster his view on Ethereum’s potential to surpass Bitcoin in the market. The indicator, developed by Tom DeMark, is widely used across various financial markets to identify potential exhaustion and reversal points in asset prices.

ETHUSD Technical Overview:

Moving Averages:

Exponential:

  • MA 10: 2183.75 | Positive Crossover | Bullish
  • MA 20: 2117.26 | Positive Crossover | Bullish
  • MA 50: 1983.43 | Positive Crossover | Bullish

Simple:

  • MA 10: 2160.83 | Positive Crossover | Bullish
  • MA 20: 2096.20 | Positive Crossover | Bullish
  • MA 50: 1954.76 | Positive Crossover | Bullish

Indicators:

  • RSI (Relative Strength Index): 67.96 | Neutral Zone | Neutral
  • Stochastic Oscillator: 85.71 | Neutral Zone | Neutral

Resistance And Support Levels:

  • R1: 2125.82
  • R2: 2210.27
  • S1: 1852.42
  • S2: 1767.97

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion:

  • Limit Buy: 2294
  • Take Profit: 2505
  • Stop Loss: 2187