ETH Whale Dives Deeper, Adds 9K Coins Worth $22M

An Ethereum whale has been active in the market, making significant purchases of ETH over the past 15 hours. The entity added 2,086 coins at an average price of $2,599, bringing their cumulative purchases above 9,058 ETH worth $22.57 million since yesterday.

The buyer first converted UBTC into USDC and then made on-chain purchases at a blended average price of $2,492.62. This has resulted in the whale sitting on $1.22 million in unrealized gains.

However, the recent surge in ETH prices has led to overbought conditions, with the Relative Strength Index (RSI) at 73.2. The Moving Average Convergence Divergence (MACD) is still holding its golden cross at 44.53, indicating a possible retracement towards the EMA50 support at $2,500.42 before continuation.