Ethereum Whales Signal Renewed Bullish Activity with Large ETH Purchases

Ethereum's price has been hovering around the $2,000 mark, but on-chain data suggests that whales are buying large amounts of ETH in anticipation of further gains. Two major wallet addresses have been identified as belonging to the same whale, and they spent over $10 million to purchase 5,350 ETH at an average price of $2,043.

Another whale withdrew 6,114 ETH worth $12.52 million from the OKX exchange and deposited it into Aave, a decentralized lending protocol, likely to generate yield. These two moves account for over 11,000 ETH changing hands in a matter of hours.

Crypto analyst MaeliusCrypto has pointed out that Ethereum's weekly chart shows a completed ABC corrective pattern, which often signals the end of a bearish correction phase. The Wave Trend Oscillator has also crossed back into bullish territory, suggesting that the worst of the correction may be behind ETH.