Ethereum nears $1900 mark following significant trading activity and bullish sentiment By Investing.com
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The second-largest cryptocurrency, (ETH), is nearing the $1900 mark, following a weekly increase of 5.85% and a four-week surge of 15.17%. This price rise has sparked speculation in the crypto market after a notable Ethereum investor, known as “whale 0xb15”, purchased 8,698 ETH ($15.94 million) from Binance this week, according to data from Lookonchain.
Whale 0xb15 is recognized for their successful trading strategy of buying low and selling high. With an impressive 87.5% win rate, this investor has garnered a total profit of $13 million from eight transactions since February 12. On Thursday, they deposited $45 million worth of ETH on Binance after purchasing 24,548 ETH valued at $39.8 million, yielding a profit margin of around $5.47 million.
Despite Ethereum’s daily trading volume decreasing by 11.485 and being valued at $6.02 billion according to the ETH/USDT chart on Tradingview.com, the cryptocurrency witnessed an uptick in its value. At the time of writing, Ethereum was trading at $1890.95 with a daily gain of 2.61%.
However, Ethereum’s Relative Strength Index (RSI) currently stands at 71.43, which indicates overbought conditions and suggests a potential trend reversal risk.
Data from IntotheBlock shows that centralized exchanges (CEXs) recorded an outflow of $210 million worth of Ether in the past week, marking the largest outflow since August. This decrease in supply on exchanges suggests increased purchasing activity and reflects a bullish sentiment among investors.
With a market capitalization of $227.4 billion, Ethereum continues to hold its position as the second-largest cryptocurrency in the global market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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© Reuters.
The second-largest cryptocurrency, (ETH), is nearing the $1900 mark, following a weekly increase of 5.85% and a four-week surge of 15.17%. This price rise has sparked speculation in the crypto market after a notable Ethereum investor, known as “whale 0xb15”, purchased 8,698 ETH ($15.94 million) from Binance this week, according to data from Lookonchain.
Whale 0xb15 is recognized for their successful trading strategy of buying low and selling high. With an impressive 87.5% win rate, this investor has garnered a total profit of $13 million from eight transactions since February 12. On Thursday, they deposited $45 million worth of ETH on Binance after purchasing 24,548 ETH valued at $39.8 million, yielding a profit margin of around $5.47 million.
Despite Ethereum’s daily trading volume decreasing by 11.485 and being valued at $6.02 billion according to the ETH/USDT chart on Tradingview.com, the cryptocurrency witnessed an uptick in its value. At the time of writing, Ethereum was trading at $1890.95 with a daily gain of 2.61%.
However, Ethereum’s Relative Strength Index (RSI) currently stands at 71.43, which indicates overbought conditions and suggests a potential trend reversal risk.
Data from IntotheBlock shows that centralized exchanges (CEXs) recorded an outflow of $210 million worth of Ether in the past week, marking the largest outflow since August. This decrease in supply on exchanges suggests increased purchasing activity and reflects a bullish sentiment among investors.
With a market capitalization of $227.4 billion, Ethereum continues to hold its position as the second-largest cryptocurrency in the global market.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
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