$220M Whales Pile into ETH and WBTC Amid Consolidation
A whale investor has accumulated a massive $220 million position in ETH and WBTC since July. The mysterious buyer withdrew another 200 BTC from Binance four hours ago, bringing their totals to 74,265 ETH and 1,400 WBTC.
The average costs for these purchases were $1,770 for ETH and $63,887.37 for WBTC, resulting in $3.8 million in floating gains. While ETH is currently in profit, WBTC remains underwater on the same wallet tracked via on-chain data.
Looking at price action on the 4h chart, ETH is trading at $1,846.89 within the Bollinger band with upper resistance at $1,892.31 and lower support at $1,833.39. The bearish EMA50 at $1,880.11 caps upside while the EMA200 at $1,830.15 offers nearby floor.
The MACD death cross at -11.41 combined with a neutral RSI of 42.4 suggests likely consolidation before any sustained move.