Driven by the accumulation of whales, Ethereum prices have skyrocketed, depicting a bullish picture. The soaring financing interest rates reflect growing optimism and expectations for further increases
Driven by the accumulation of whales, Ethereum prices have skyrocketed, depicting a bullish picture. The soaring financing interest rates reflect growing optimism and expectations for further increases.
- The Ethereum Whale has accumulated over $70 million in the past three days.
- In the past 48 hours, ETH prices have increased by nearly 10%.
In recent days, a group of whales have made significant investments and shown optimistic indicators. These whales have been moving their holdings of Ethereum [ETH] out of storage and opening long positions.
How does this affect the overall trend of the king of counterfeit coins?
Ethereum Whales Swallowed More Ethereum
According to data from Lookonchain and Etherscan, a total of six Ethereum whales accumulated over 42000 ETH. This is equivalent to a value of approximately $71 million, which has accumulated over the past three days.
According to Etherscan's data, one of the whales obtained over 20000 ETH. It purchased 17000ETH through Decentralized Exchange (DEX) and extracted an additional 3000ETH from the centralized exchange.
In addition, another whale withdrew over 10000 ETH from Coin On [BNB] and subsequently deposited these funds and held long positions in the asset on multiple DeFi platforms.
The strategic measures taken by these whales are consistent with the positive upward trend observed in ETH prices over the past few days.
Ethereum sees a sustained upward trend
Ethereum's recent price surge has been continuous for nearly 7 days, bringing good news to investors. As of the writing of this article, its trading price is approximately $1800, with a price increase of over 3%.
This rise is based on the impressive 6% upward trend observed on October 24th. It is worth noting that this sustained surge has pushed Ethereum into a strongly bullish region.
As of the latest data, the Relative Strength Index (RSI) has indicated that ETH has entered the overbought zone. This indicates a bullish trend, but may also suggest a possible price adjustment in the near future.
In addition, the continued accumulation of ETH by whales in the market may be seen as a sign of a sustained upward trajectory.
The fund rate reflects the optimistic sentiment of the whales
With the rise of Ethereum prices and the accumulation of whales, ETH's funding rates are also soaring in a positive direction. As of the release of this report, the funding rate for each Coinglas has increased to approximately 0.02%.
It is worth noting that the significant increase in financing interest rates is a noteworthy phenomenon, as it has not occurred for more than two months, indicating a sudden increase in optimism among market participants.
The financing interest rates as of the time of publication strongly indicate that traders expect Ethereum prices to rise further as they are willing to pay a premium for holding long positions.
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