Ethereum Price and Whale Activity Surge to 3-Month High Amid Bullish Run

Ethereum (ETH) has experienced a significant surge in both its price and whale activity, as the cryptocurrency surpassed the $2,800 mark, reaching a three-month high. The leading altcoin is currently trading at approximately $2,800, marking an 8% increase in the past 24 hours. Ethereum's market capitalization has now exceeded $336 billion, and its daily trading volume has risen by 27%, reaching $38 billion.

Earlier today, ETH briefly touched a local high of $2,870 before undergoing a quick price correction, likely driven by short-term profit-taking.

The recent price hike has been accompanied by a notable uptick in large transactions. Data from IntoTheBlock reveals a 60% increase in transactions involving at least $100,000 worth of Ethereum on Wednesday, November 6, with the number of such transactions reaching 7,270—a three-month peak. The total value of these large transactions amounted to over $8.7 billion.

However, despite the price rally, whale accumulation of ETH has been slowing. IntoTheBlock's data shows that the net inflow of ETH from large holders dropped significantly from 91,300 ETH on October 31 to just 5,930 ETH on November 6. This decline in whale activity could signal some caution among large holders, as the recent market surge appears to have been partly fueled by external factors, such as news surrounding the U.S. presidential election.

It’s also worth noting that a substantial portion of Ethereum’s supply is held by whales. Currently, 53% of the total ETH supply is concentrated in whale addresses. If these large holders begin moving their assets to exchanges, it could trigger a wave of fear, uncertainty, and doubt (FUD) in the market, particularly among retail investors.

On the exchange side, Ethereum’s net inflow dropped significantly, with only 4,170 ETH moving onto exchanges on November 6, a sharp decline from 71,720 ETH the previous day.

In terms of profitability, 71% of ETH holders are currently in the green. Given that over 74% of Ethereum addresses have held their ETH for more than a year, a moderate amount of profit-taking is considered normal at this stage of the market cycle.

As Ethereum continues its bullish run, the combination of whale activity and long-term holding patterns will be critical to watch, especially if any shifts in market sentiment occur.