Nearly 1.2 billion in Ethereum (ETH) shifted by whales as price above $3,600

According to Whale Alert, anonymous whales and major crypto exchanges have done more than a dozen Ether transactions in the past day or so. Especially these transactions are circulating from meaningful exchanges and whale wallets right in the middle of Ethereum price trading in the $3,600 zone.

Anonymous whales move astonishing amounts of ETH as Ethereum price above $3.600

Below is a representative of some transactions in the last 24 hours. The total amount of ETH converted into a large block is worth nearly $1.2 billion. These transfers ranged from 10,000 ETH (worth approximately $34,641,671) to 30,000 ETH and 58,000 (approximately $201,696,543).

nearly-1-2-billion-in-ethereum-eth-shifted-by-whales-as-price-above-3600

Source: Whale Alert

Overall, 16 transactions were made. These are done between anonymous wallets and anon addresses and crypto exchanges — mainly Binance, but possibly FTX.

Meanwhile, Ethereum has rallied nearly 7% from yesterday’s low of $3,427 to above $3,600. For the past four days, ETH has been trading in a range, dropping to the $3,400 region and then rallying back up to $3,500. Today, however, for the second time, Ethereum broke through that mark, hitting $3,650.

According to Santiment, large Ethereum holders, known as whales, continue to buy more ETH. The amount of ETH held by the top 10 non-exchange whale addresses continues to increase while the wallets decrease. Santiment analysts say that if this increase in the ratio among whales continues, this will be bullish for Ethereum.

The overall trend is bullish, especially if the price remains above $3,600. With more volume and buyers, ETH can continue to push higher and approach ATH. This bias will only change if the price drops below $3,400. At that point, the current breakout will be confirmed as a fake.

nearly-1-2-billion-in-ethereum-eth-shifted-by-whales-as-price-above-3600

ETH/USD 4-hour chart | Source: TradingView

At press time, ETH managed to break past the critical level of $3,600, potentially paving the way towards the coveted $4,000. This may cause a correction until ETH successfully breaks above the key resistance and again enters price discovery.

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