Ethereum has surged over 9% in the last 24 hours, reaching $2,880. An Ethereum whale, who purchased over 11,000 ETH in February 2016 for an average of $3.46 per token, has decided to cash in after holding them for eight years. The whale moved, 11,005 ETH on November 7 at a price of $2,777, achieving a profit of approximately $30.52 million, more than 800 times their original investment. Had they sold at the peak of the 2021 bull run, the profit could have exceeded $52.8 million. In parallel, ETH balances on exchanges have increased from 18.8 million on October 31 to 19.2 million on November 7, indicating profit-taking behavior. Despite this, overall ETH reserves on exchanges are down 7% in 2024, remaining near eight-year lows. Analysts note that ETH price patterns suggest a potential breakout approaching the $4,000 mark, though high funding rates indicate that long positions may be at risk of liquidation if prices fall.

Source 🔗