Ethereum Whale Withdraws $4.2M After Flipping $21M Loss to Profit
On-chain analysis firm Lookonchain reported a whale who has benefited from Ethereum's recent price rally.
- The whale started accumulating Ethereum on February 15.
- Since then, they have withdrawn 50,165 ETH (worth $104.5 million) from Gate.io at an average price of $2,084.
- The whale flipped a $21 million loss into a $21.7 million profit after withdrawing another 1,687 ETH ($4.2 million) on May 11.
- Ethereum rose 41% over the past week and 64% in the last month, currently trading around $2,615 with a market cap of $316 billion.
- The Relative Strength Index (RSI) for Ethereum has declined from 90 to 55, indicating a shift from overbought to neutral conditions.
- Ethereum's next target is the $3,000 mark, supported by whale accumulation and favorable macroeconomic conditions.
ETH 1H chart – May 12 | Source: TradingView