Ethereum has seen an upwards push of 4% in the last couple of days as whales have displayed elevated levels of activity.
Ethereum Whale Transactions At Highest Level Since December 16th
As per data from on-chain analytics firm Santiment, whales have made 611 transactions in the past day. The relevant indicator here is the “whale transaction count,” which measures the total number of Ethereum transfers taking place on the chain that is worth more than $100,000.
When the value of this metric is high, it means whales are making a large number of transactions right now. Since whale transactions involve the movement of a significant number of coins, enough of them taking place close together can cause visible effects on the price of the crypto. Thus, periods with high values of the metric can be quite volatile.
On the other hand, low values suggest whales aren’t that active at the moment, which can lead to the price not observing any significant action. Now, here is a chart that shows
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