Cryptocurrency whales moved more than 73 million worth of Ethereum (ETH) in the past 24 hours
In a recent flurry of significant digital asset transfers, Ethereum (ETH) investors with considerable financial reserves, colloquially known as whales, have moved millions worth of ETH, the second largest cryptocurrency, into leading exchanges such as Coinbase and Gateio.
According to Whale Alert, a whale monitoring service underscores a trend among notable ETH investors, with several transactions worth millions of dollars moving to exchanges after the supply of the second-largest digital asset by market capitalization fell on exchanges in July.
One transaction involved a transfer of 23,837 ETH (valued at just over $45 million) from an unknown wallet to Coinbase, the largest cryptocurrency exchange platform in the U.S., based on transaction volume. In another striking move, a transaction amounting to $28.06 million (equivalent to 15,000 ETH) was sent from an unidentified wallet to GateIO.
Is it the right time to invest in Ethereum?
ETH presents a different investment opportunity. Unlike Bitcoin, Ethereum is not solely a digital currency but a decentralized platform that enables the creation of smart contracts and decentralized applications (DApps). Its native cryptocurrency, Ether (ETH), powers transactions within the Ethereum network.
The Relative Strength Index (RSI) faces north, suggesting rising momentum. Similarly, the Awesome Oscillators (AO) are above the midline with deep green histograms, further adding credence to the upside.
An Increase in buying pressure from the current level could see the Ethereum price rise around 2%, crossing into the $2,000 zone. In a highly bullish case, ETH could reprint the mid-April highs around $2,120, denoting a 7.95% ascent from the current price.
