Ethereum Whale Reaccumulates 16,699 ETH After $4,400 Sell-Off
An Ethereum whale that sold its holdings at $4,400 has accumulated another significant amount of ETH through Cowswap. The entity added 16,699.32 ETH for over $35.84 million at an average price of $2,146.42, resulting in approximately $3.335 million in floating gains.
The funds used to purchase the new ETH originated from Tornado mixer, with the same addresses now holding 15,718 ETH worth around $35.65 million after a fresh $27.93 million purchase tranche at $2,098.43.
With the current ETH price hovering at $2,360.08 within the Bollinger band, testing its upper resistance at $2,462.54, it appears that the market may be due for a healthy retracement to the EMA50 support at $2,019.13 before further continuation.
The technical indicators are flashing warning signs, including an RSI(14) of 93.12, which indicates overbought conditions, and a MACD confirming a bullish golden cross. This suggests that a correction may be on the horizon to rebalance the market.