ETH Price Holds Firm as Whales Accumulate $152M Worth of Ether

Ethereum's price has been on an upward trajectory after recovering from $1,820 last week. It currently trades near $1,923, up 1.01% over the past 24 hours.

This recovery can be attributed to renewed whale activity in the market. Onchain Lens reported that two whales accumulated a significant amount of ETH, with one whale withdrawing 30,000 ETH worth $57.21 million from Coinbase Prime and distributing it across three new wallets.

Another whale acquired 50,000 ETH worth $95.73 million from a Fidelity-linked wallet and moved 36,530 ETH worth $69.94 million to a new address. This buying activity has strengthened Ethereum's demand side, as indicated by the Whale Sentiment Index staying above 60 for two days and above 50 for six consecutive days.

However, one older whale sold ETH after holding it for more than three years, realizing a $6 million loss. The whale bought ETH at an average price of $2,723 during February 2022 and March 2023 and later staked the holdings.