Ethereum Reaches $3,200 Mark as Whale Activity Increases

TLDR

• ETH price surged approximately 29% to reach $3,200
• Justin Sun deposited 19,000 ETH ($60.83M) to HTX exchange
• Early ETH ICO participant reactivated after 3 years, moved 1,555 ETH to Coinbase
• Major whale moved 46,853 ETH for $138.8M USDC since November 7
• ETH market cap approaching $400 billion with strong network activity

Ethereum has marked a notable achievement in recent days, pushing past the $3,000 price level and reaching $3,200, representing a 29% increase over the past week.

This price movement has triggered activity from several major cryptocurrency holders who have begun to take profits.

Tron founder Justin Sun has emerged as one of the prominent figures capitalizing on the recent price surge.

According to recent transaction data, Sun deposited 19,000 ETH, valued at approximately $60.83 million, to the HTX cryptocurrency exchange. This transfer occurred when ETH was trading at $3,202.

The deposit represents only a portion of Sun’s total Ethereum holdings. Data from Spot on Chain reveals that Sun had previously acquired 392,474 ETH between February 8 and August 5 across three different wallets.

Justin Sun (@justinsuntron) appears to be cashing in on $ETH amid the latest market rally!

15 hours ago, he deposited the first 19,000 $ETH ($60.83M) to HTX at $3,202.

This was part of the net 392,474 $ETH he allegedly acquired at an average price of $3,027 (est. cost: $1.19B)… https://t.co/976PXgoJ80 pic.twitter.com/UCNpE0vnVp

— Spot On Chain (@spotonchain) November 11, 2024

His average purchase price stands at $3,027, with a total investment estimated at $1.19 billion. The recent transfer resulted in profits of about $69.36 million, marking a 5.69% gain from his initial investment.

Adding to the market activity, an early Ethereum ICO participant has resumed trading after nearly three years of inactivity.

PeckShield Alert reported that this wallet holder transferred 1,555 ETH, worth approximately $5 million, to Coinbase. The participant’s initial ICO investment was merely $1,951 for 6,292 ETH, with their current holdings valued at around $20.15 million.

Whale activity has also increased during this period. Data from Lookonchain shows that a major holder with 398,891 ETH, worth $1.28 billion, has sold 46,853 ETH for $138.8 million in USDC since November 7.

The giant whale with 398,891 $ETH($1.28B) has sold 46,853 $ETH for 138.8M $USDC at $2,920 since Nov 7!

7 hours ago, the whale transferred another 12,886 $ETH($41.24M) to sell.

The whale currently holds 352,036 $ETH($1.27B).https://t.co/O79eaAdgrk pic.twitter.com/8YGA6vx7iG

— Lookonchain (@lookonchain) November 11, 2024

The same whale recently moved an additional 12,886 ETH, valued at $42 million, to various exchanges. Despite these transfers, the whale maintains substantial holdings of 352,036 ETH, currently worth $1.27 billion.

The cryptocurrency’s market capitalization has grown substantially, approaching $400 billion. Trading activity has remained robust, with increased volume across major exchanges. The spot Ethereum ETF has seen healthy inflows, particularly following recent market developments.

Technical indicators suggest potential resistance around the $3,200 level. The price is currently trading above both $3,120 and the 100-hourly Simple Moving Average. A bullish trend line has formed with support at $3,120 on the hourly chart.

The market has established several key support levels, with initial support near $3,150 and major support at $3,120. Should the price decline below these levels, additional support exists at $3,080. The $3,000 mark serves as a psychological support level for traders.

Ethereum Price on CoinGecko

On the upside, the market faces resistance at $3,250, with a main resistance point forming near $3,300. Market observers note that breaking above $3,300 could lead to testing higher levels around $3,350.

The hourly MACD shows momentum in the bullish zone, while the RSI remains above the 50 mark, indicating sustained buying pressure. Trading volume has increased across major exchanges, suggesting active market participation.

Blockchain analytics platform Santiment has noted healthy network activity, suggesting potential for continued price movement. The platform indicates that profits from Bitcoin’s current bull run might redistribute into Ethereum.

The recent price movement has drawn attention from various market participants, with some early investors taking profits while others maintain their positions. The market continues to show strong trading volume and institutional interest through ETF investments.

Current data shows the price hovering near the $3,200 mark, with active trading continuing across major exchanges. The market remains responsive to large transfers and whale activity, with traders closely monitoring support and resistance levels.

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