Mysterious whale withdraws 6,030 Ethereum (ETH) from exchange as price targets $3,000

A mysterious Ethereum (ETH) whale has sparked comments across the market with the latest purchase of the asset. According According to data from crypto analysis platform Lookonchain, the Ethereum whale withdrew a total of 6,030 ETH from Binance a few hours ago.

This withdrawn Ethereum is worth approximately $18.09 million based on the price of the asset at the time the transaction was initiated. This particular whale has a very deep interest in Ethereum as he has a long position in the asset. Based on its on-chain activities, this whale has purchased a total of 10,758 ETH valued at $32.14 million from Binance since at least May 2.

This whale’s activities extend beyond direct accumulation of Ethereum, as it also interacts with other tokens in the blockchain ecosystem. Lookonchain noted that the whale recently swapped ETH for stETH. He then deposited these funds into Aave, from which he borrowed stablecoins to purchase more Ethereum.

It is still unclear what the appeal of Ethereum is at the moment. At the time of writing, the coin has recorded a 0.37% drop in value in 24 hours to $2,970.75. With this, the coin looks to reset to its psychologically important level of $3,000.

Ethereum’s push to reclaim this level has been met with consistent market rejection as volatility and instability in daily volume have weakened sentiment. However, innovation continues to emerge to improve the protocol, with projections to revise the overall bearish trend.

Co-founder Vitalik Buterin just published a new idea on how to solve the protocol’s constant gas fee problem. Prior to this, he co-authored a proposal that seeks to prepare the protocol’s smart contract wallets for a future dominated by Quantum Computers.

With the outlook for the Ethereum ecosystem, the whale hoarding the coin could benefit from a possible bullish surge in the near term.