Ethereum Whale Move 15k ETH Resulting to Strong Price Rally

On Tuesday, the broader cryptocurrency market shot up straight by 6% adding $50 billion in market cap. The world’s second-largest cryptocurrency Ethereum (ETH) made the most gains shooting past more than 12% and hitting the $1,500 mark for the first time after the Merge event.

As of press time, ETH is trading at $1,483 with a market cap of $181.7 billion. Interestingly, an Ethereum whale wallet suddenly turned active on Tuesday, for the first time in six years moving more than $20 million in value. As per reports, Ethereum whale moved 15,000 ETH to an empty wallet. As on-chain data provider Santiment reported:

An #Ethereum whale wallet that had not been active for 6+ years woke up today & moved $22.2M worth of $ETH to an empty wallet. $ETH‘s price is +8.1% since this transaction, briefly jumping over $1,500 for the 1st time since the #merge 6 weeks ago.

For a very long time, ETH was trading close to $1,200 under solid selling pressure. However, yesterday’s short squeeze led to more than $800 million in short liquidations in the market, in the last 24 hours. A majority of these liquidations happened just in the last 12 hours.

Ethereum Whale, ETH and S&P 500

Yesterday’s sharp rise in the ETH price and the broader crypto market followed a strong rally in the U.S. equity market. Ethereum (ETH) has been showing a greater correlation with S&P 500 which gained more than 1.63%. As per data provider Santiment:

Ethereum has surged to $1,415 on a breakout Tuesday for #crypto. The #Dollar value has dropped fairly notably today, and its growth coming to an end (or at least a pause) would be a key component to the next breakout of #cryptocurrency market caps.

Along with Ethereum, other cryptocurrencies with double-digit percentage gains are Cardano (ADA) and Dogecoin (DOGE). Here’s the key reason why Dogecoin is making solid gains in this rally. Bitcoin (BTC) is up 5% and has moved past the $20,000 level.

Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.