Ethereum Whale Transactions Surge to 6-Week High As ETH Price Drops Below $2,400

Ethereum saw a surge in whale transactions, reaching a six-week high as its price dropped to $2,380 on Friday. This rise in large transactions suggests a potential shift in the market, though its impact on Ethereum’s price recovery remains unclear.

🐳 Ethereum’s whale activity spiked to a 6-week high as its price declined as low as $2.38K Friday. Historically, this is a sign of accumulation from high capital key stakeholders. Though not a guarantee this will have an immediate effect on prices bouncing, it is encouraging! pic.twitter.com/zcofdvszLF

— Santiment (@santimentfeed) October 26, 2024

Data from Santiment shows a rise in transactions over $100,000, coinciding with Ethereum’s recent price fluctuations. Increased whale activity brought increased volatility, with large candlestick movements on the Ethereum price chart.

Source: Santiment

This six-week high in whale transactions also coincided with a 51.86% increase in trading volume, reaching $23.74 billion.

Record Wallet Creation Hints at Broader Investor Interest

Ethereum also saw a surge in new wallet creation, with 6,428 wallets generated in a single day. This spike, occurring alongside large whale transactions, shows growing interest from both new and existing market participants, possibly driven by broader crypto trends or upcoming Ethereum network developments.

Read also: Ethereum Whales Unload $53M ETH When Price Surged Above $2,600

Ethereum’s price settled at $2,455.37, down 1.50% over the last 24 hours. After a midday peak near $2,500, Ethereum faced resistance and dropped before recovering.

Additionally, Ethereum’s market capitalization stands at $295.62 billion. Ethereum’s market worth remains stable despite recent price declines, with the circulation and total supply matching at 120.4 million ETH.

Technical Indicators Signal Caution

Technical analysis reveals mixed signals on Ethereum’s momentum. The MACD remains bearish, with the MACD line at -16.51 below the signal line at 6.25, indicating continued caution among traders.

Source: TradingView

Meanwhile, the RSI stands at 43.73, below the neutral 50 mark, showing mild bearish sentiment, though not yet in oversold territory.

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