Ethereum (ETH) Whales Buying Again?
A wallet has purchased $19.7 million worth of Ethereum (ETH) at $2,245 per token, according to Arkham data.
According to Arkham data spotted by Whale Alert, a wallet has bought $19.7 million worth of Ethereum, purchasing 8,773.5 ETH at $2,245. This whale previously acquired 10,376 ETH at an average price of $1,626 in June, bringing their total holdings to 23,095 ETH worth $51.69 million.
Mixed signals
Arkham also tracked another wallet that withdrew 9,777 ETH worth approximately $22.5 million from Binance over the past week. Exchange statistics show ETH experienced $18.32 million in net flow on major exchanges on Saturday, which typically indicates potential selling pressure if whales move funds to exchanges.
In contrast, institutional investors are selling, with US spot Ethereum ETFs seeing $365 million in outflows over the past week, including $193.2 million in the last two days. This follows Ethereum's nearly 10% decline on November 5 after a brief rally.
Price outlook
Analyst Ali Martinez noted that ETH has lost an important support level at $2,385, with further selling pressure potentially driving the price down to $1,963. Currently, Ethereum trades at $2,239, moving sideways around local support at $2,200-$2,220.
A break above $2,300 could signal recovery, opening the way to the $2,400-$2,450 zone tested earlier this week.
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