According to cryptocurrency analysts firm LookOnChain, a mysterious whale purchased 30,000 Ethereum (ETH) for $54.9 million. The whale purchased the coins when the asset was trading at $1830 on Apr. 27. The whale sold the 30,000 ETH for $78.63 million when the asset hit $2621. The investor made a profit of $23.73 million. The whale had also purchased 600 Bitcoin (BTC) for $56.94 million. The BTC is now worth $66.5 million, making a profit of $9.6 million. Unlike the ETH holdings, the BTC remains unsold.
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Asset Rallies 49.1% Amid Big Whale Purchase
ETH experienced a massive price spike after its recent Pectra upgrade. The asset is currently up 0.2% in the daily charts, 2.5% in the weekly charts, 12.4% in the 14-day charts, and 49.1% over the previous month. Despite the incredible rally over the last few weeks, the asset’s price is down 30% since late May 2024.
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ETH’s price may have also been propelled by BTC’s recent rally. The original crypto hit an all-time high of $111,814 on May 22. BTC’s rally is likely due to increased institutional investments. BlackRock alone has purchased more than $3 billion worth of BTC since May 2.
Is It A Good Time to Buy Ethereum?
ETH was rallying double-digit percentage points on the daily chart after its Pectra upgrade. The 24-hour rally has dropped to just 0.2%. It would appear the rally is dying out. ETH could pick up the pace over the next few weeks if Bitcoin (BTC) continues to rally. The original crypto is just 0.6% away from its peak. BTC hitting a new peak could trigger a rally for Ethereum (ETH).
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CoinCodex analysts do not anticipate ETH to breach the $3000 mark right now. The platform expects the asset to trade at $2797.61 on June 15. ETH’s price will rally by about 5% if it hits the $2797.61 mark.
