In what seems to be a noteworthy move for the cryptocurrency market, an Ethereum whale has made headlines by purchasing $5.2M worth of ETH post-breakout, with eyes on $2,800. This bold acquisition has drawn considerable attention from both investors and traders alike.
Massive Ethereum Whale Transaction Marks a Potential Price Surge
According to on-chain analytics firm Lookonchain, an Ethereum whale recently bought 2,117.7 ETH, equivalent to $5.2M, as the price of Ethereum surged on September 19, 2024. This move indicates a strong bullish sentiment, considering the whale’s previous $14.7M liquidation of 6,078 ETH during the market dip on August 5, 2024.
Over the past six months, this whale has consistently gone long on ETH, experiencing four liquidations and accumulating losses exceeding $13M. This recent purchase, however, is seen as a strategic move expected to potentially recover previous losses, driven by the recent price breakout and heightened investor interest.
Ethereum Price Trends and Whale Activities
Another whale also showed confidence by purchasing 5,660 ETH at an average price of $2,316, totaling $13.1M on September 18, 2024, reported CoinPedia. This accumulation by whales hints at a potential substantial rally in Ethereum’s price.
Ethereum is currently trading around $2,470, showcasing a 6% increase in the past 24 hours alongside a 16% rise in trading volume. This reflects significant participation from investors and traders amid the ongoing rally.
Ethereum’s Technical Analysis: What Lies Ahead?
Technical analysis reveals that ETH is showcasing bullish tendencies, despite currently trading below the 200 Exponential Moving Average (EMA) on the daily chart—a key indicator for determining market trends. The recent breakout from a descending trendline that had persisted since July 2024 has contributed to this bullish outlook.
However, if ETH manages to close above the $2,485 mark, it stands a strong chance of rallying to $2,800, signaling further bullish momentum.
Supportive On-Chain Metrics
On-chain data from Coinglass reveals an ETH long/short ratio at 1.027, underscoring a notably bullish sentiment among market participants. Approximately 51% of top traders are positioned long on ETH, compared to 49% holding short positions.

The prevailing bullish outlook will be validated if ETH successfully closes above $2,800.
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