Ethereum price, whale activity reach 3-month high amid bull run

Ethereum is attracting impressive interest from major investors as its price surpasses $2,800, a three-month high.

Ethereum (ETH) is up 8% in the last 24 hours and is trading around $2,800. The leading altcoin has seen its market cap exceed $336 billion. Daily transaction volume increased by 27%, reaching 38 billion dollars.

ETH price | Source: crypto.news

Earlier today, ETH rose to a local high of $2,870 but witnessed a rapid correction due to short-term profit taking.

The ETH price increase was accompanied by a strong wave of whale transactions. According to data provided by IntoTheBlock, Ethereum recorded a 60% increase in the number of large transactions worth at least $100,000 on Wednesday, November 6, hitting a three-month high with 7,270 unique transactions.

Large ETH transactions | Source: IntoTheBlock

Data from ITB shows that major holders moved $8.7 billion worth of ETH yesterday.

On the other hand, there has been a slowdown in ETH whale accumulation over the last week. According to ITB data, the asset’s large investor net inflow dropped from 91,300 ETH on October 31 to 5,930 ETH on November 6.

Decreasing whale activity could indicate uncertainty among Ethereum whales as the market rally was triggered by US presidential election news.

It is important to note that 53% of the ETH supply resides in whale addresses. If whales start putting money into the stock markets, this could soon trigger another phase of fear, uncertainty and doubt among retail investors, also known as FUD.

According to ITB data, net inflows into the Ethereum exchange dropped to 4,170 ETH yesterday, following a large drop from 71,720 ETH on Tuesday.

At this point, 71% of ETH holders are in profit. Since more than 74% of addresses have been holding ETH for more than a year, according to ITB data, a slight profit-taking scenario can be considered normal.