Ethereum (ETH) rose 90% in 2023, from January 1 to December 31, closing the year at $2,281 per token. At press time, ETH is trading at $2,233 as whale investors increase their positions.
particularly, SpotOnChain A massive $48 million purchase was discovered in 30 minutes by “Whale 0x931” on January 5, 2024. The mysterious whale used the USDT and USDC stablecoins to acquire 21,192 ETH at an average price of $2,265.
It is noteworthy that this address belongs to a giant whale worth about $142 million, with a balance of 79,500 Ethereum. Moreover, “Whale 0x931” has been building its position since January 13, 2023 – with an average price of $1,790.
Overall, the mystery whale currently has more than $35 million in unrealized profits, an increase of almost 25% in one year.
Ethereum price analysis amid whale signals
It is worth noting that “Whale 0x931” could have already achieved its huge annual profits estimated at millions of dollars at the beginning of the year. However, a 33% increase in his position at higher prices indicates that the mystery whale is still bullish on Ethereum.
This recent $48 million purchase on January 5, 2024, by a profitable whale so far, suggests that ETH may continue to rise.
However, even an intelligent giant whale is prone to making mistakes. There are no guarantees that Ethereum will continue its 2023 rally in 2024 despite strong indicators pointing to this outcome. ETH relies on growing demand for its native token, which may come from market speculation and further growth of the ecosystem.
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