Cryptocurrency analyst and trader Ali Martinez (known on the social media platform
He believes ETH is currently seeing an “intriguing shift.”
Meanwhile, Ethereum reclaimed the high of $2,000 over the weekend.
“A subtle but intriguing change is occurring in ETH”
Ali pointed out a “subtle, but intriguing” development taking place on Ethereum; Large ETH holders, also known within the crypto community as whales, have slowly but surely begun accumulating Ethereum again. This slow purchasing activity first began in the last two months, according to Ali's X post.
According to the Glassnode chart he shared, these are whales that have 10,000 ETH or more in their wallets.
In the last 24 hours, cryptocurrency tracker Whale Alert, as if to support this point, detected two massive ETH transactions made from major exchange Bitfinex to unknown blockchain addresses: 21,229 ETH (worth $42,454,140) and 19,764 ETH (valued at $39,157,392). The last sum of ETH went to a new wallet, the aforementioned source emphasized.
Both transactions look like purchases of ETH that have been withdrawn to cold wallets for long-term storage.
Whales profit as ETH price rises
Meanwhile, Ethereum price managed to reclaim the high of $2,000 over the weekend, now trading at the $2,023 level on the Bitstamp exchange. Thus, from Friday, November 17 until today, Ethereum has shown a growth of 6.10%.
As the price of ETH has been rising, several whales decided to withdraw their profits over the weekend. According to Whale Alert data, there were three massive transactions that sent ETH to major exchanges Bitfinex and Coinbase.
The aforementioned blockchain detective detected 18,373 ETH; 18,095 ETH and 15,000 ETH sent to be sold. The first two transactions are valued at just over $35 million. The last of the three was worth $29,711,897.
