Ethereum Whale Returns with $20M ETH Purchase Amid Overbought Conditions
An Ethereum whale that made $3.7 million in August has returned to the market, making another significant move. The whale bought 7,567 ETH for $20 million within the past hour and moved 40 million USDC into Binance.
This is part of a strict 21-day cycle for this Ethereum whale, which involves buying on the 21st day of each month. On July 21, it purchased $21 million worth of cryptocurrency, exited with a profit on August 21, and now has accumulated fresh funds on September 21.
The current price of ETH is sitting at $2,682.29 within its Bollinger Bands, with an upper resistance level at $2,721.18. The Relative Strength Index (RSI) has already reached overbought territory at 70.97, and the Moving Average Convergence Divergence (MACD) golden cross remains intact.
Given that price is testing its upper Bollinger Band resistance while the RSI flashes overbought signals, a healthy retracement to the 50-Exponential Moving Average (EMA) support at $2,540.86 seems probable before further continuation.