Ethereum Whale Cashes Out $23M Windfall as ETH Surges 49%

A single Ethereum whale just pocketed a staggering $23 million profit—timing the market like a Wall Street clairvoyant (or just another crypto gambler riding the volatility wave).

The whale’s haul comes as ETH rockets 49%—proving once again that in crypto, the big fish eat first while retail traders pray for scraps.

Funny how these ’smart money’ moves always seem to happen before the inevitable correction. But hey—this time it’s different, right?

Asset Rallies 49.1% Amid Big Whale Purchase

ETH experienced a massive price spike after its recent Pectra upgrade. The asset is currently up 0.2% in the daily charts, 2.5% in the weekly charts, 12.4% in the 14-day charts, and 49.1% over the previous month. Despite the incredible rally over the last few weeks, the asset’s price is down 30% since late May 2024.

ETH’s price may have also been propelled by BTC’s recent rally. The original crypto hit an all-time high of $111,814 on May 22. BTC’s rally is likely due to increased institutional investments. BlackRock alone has purchased more than $3 billion worth of BTC since May 2.

Is It A Good Time to Buy Ethereum?

ETH was rallying double-digit percentage points on the daily chart after its Pectra upgrade. The 24-hour rally has dropped to just 0.2%. It would appear the rally is dying out. ETH could pick up the pace over the next few weeks if Bitcoin (BTC) continues to rally. The original crypto is just 0.6% away from its peak. BTC hitting a new peak could trigger a rally for ethereum (ETH).

CoinCodex analysts do not anticipate ETH to breach the $3000 mark right now. The platform expects the asset to trade at $2797.61 on June 15. ETH’s price will rally by about 5% if it hits the $2797.61 mark.