Ethereum (ETH) surged 90% in 2023, from January 1 to December 31, closing the year at $2,281 per token. At the time of publication, ETH is changing hands by $2,233 while whale investors increase their positions.
In particular, SpotOnChain spotted a huge purchase of $48 million in 30 minutes by ‘Whale 0x931’ on January 5, 2024. The mysterious whale used USDT and USDC stablecoins to acquire 21,192 ETH for a $2,265 average price.
Remarkably, this address belongs to a gigantic whale worth around $142 million, with a balance of 79,500 ETH. Moreover, the ‘Whale 0x931’ has been building its position since January 13, 2023 — at an average price of $1,790.
Overall, the mysterious whale currently holds more than $35 million in unrealized profit, up approximately 25% in a year.
Ethereum price analysis amid whale signals
Notably, the ‘Whale 0x931’ could have already realized its massive multi-millionaire yearly profits with the turn of the year. However, increasing its position by 33% at higher prices signals that the mysterious whale is still bullish on Ethereum.
This recent purchase of $48 million on January 5, 2024, by a so far profitable whale suggests ETH might continue going up.
Nevertheless, even a smart gigantic whale is prone to make mistakes. There are no guarantees that Ethereum will continue its 2023 rally in 2024 despite strong indicators pointing to this outcome. ETH depends on an increased demand for its native token, which might come from market speculation and ecosystem growth moving forward.
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