Ethereum Whale Buys $132M in ETH, Targets $2,900

• Ether could reach the $2,900 benchmark if it sustains above the $2,570 support level.
• The Long/Short Ratio of ETH is at 2.023, reflecting strong bullish sentiment among traders.

Ethereum [ETH], the world’s second-largest cryptocurrency by market capitalization, is now under the spotlight due to significant acquisitions by Ethereum whales. These moves are driven by ETH’s promising on-chain metrics.

Ethereum Whales on the Move

On September 24th, on-chain data analytics firm TheDataNerd reported on X (formerly known as Twitter) that whale wallet address “0xBCFB” had acquired a substantial 50,020 ETH, valued at $132 million, from Kraken.

Source: X

This enormous acquisition took place as ETH broke free from a two-day consolidation phase, surpassing the critical $2,570 resistance level.

While some Ethereum whales are leveraging the current price levels to accumulate due to bullish expectations, others are offloading their holdings, anticipating short-term price declines.

Key Price Levels

According to AMBCrypto’s technical analysis, despite ETH trading below the 200 Exponential Moving Average (EMA) on a daily chart, it exhibits bullish tendencies.

The 200 EMA is a widely used indicator that helps investors identify long-term price trends in the market.

Source: TradingView

The recent breakthrough of the pivotal resistance at $2,570 and subsequent minor consolidation indicate a potential upward movement for ETH.

Based on historical patterns, if ETH sustains above this resistance, it is highly likely to ascend to the $2,900 level, especially if market sentiment continues to be positive.

ETH’s On-Chain Metrics Show Bullish Signs

This optimistic outlook is bolstered by strong on-chain metrics. According to Coinglass, the Long/Short Ratio for ETH stood at 2.023 at the time of writing, signifying a bullish market sentiment.

Additionally, ETH’s Futures Open Interest surged by 3.2% over the last 24 hours.

Source: Coinglass

Traders often view increased Futures Open Interest and a Long/Short Ratio above 1 as signals to establish long positions.

Read Ethereum’s [ETH] Price Prediction 2024–2025

At the time of writing, 66.93% of top traders are holding long positions, while 33.07% are on the short side. This imbalance indicates a predominance of bullish sentiment in the market.

Currently, ETH is trading near the $2,640 mark and has remained relatively stable over the past 24 hours. However, its trading volume has decreased by 7%, suggesting lower trading activity.