ETH Price Surge: Whale Profits & Market Dynamics
Ethereum Price Rally and Whale Activity
Ethereum (ETH) recently reached a 15-week high of $2,827 on June 10th, breaking its month-long consolidation between $2,300 and $2,800. A daily close above $2,700 would mark its highest point since February 24th. This surge coincided with significant activity from a large Ethereum whale.
Data from Lookonchain reveals this whale executed two notable trades. First, a $75.56 million ETH purchase on May 27th, followed by a $82.76 million sale on June 10th, resulting in a $7.3 million profit. Earlier, the whale generated an impressive $23.73 million profit from buying and selling 30,000 ETH between April 27th and May 22nd. In total, the whale accumulated $31 million in profit within 44 days.
Ethereum Network Growth
The Ethereum network continues to expand. The number of unique addresses reached an all-time high of 17.4 million earlier this month, representing a 70.5% increase since the start of Q2, according to growthepie. Base network activity showed particularly strong growth, accounting for 72.81% of the 11.29 million addresses interacting with it this week.
Despite Ethereum's dominance in DeFi (61% of total value locked, approximately $66 billion), concerns remain about the sustainability of its fee structure. Low network fees ($43.3 million in the last 30 days) and updates favoring rollups are impacting staker returns.
Potential for ETH Price Increase: Short Liquidations
Ethereum's futures open interest has surpassed $40 billion for the first time, indicating a highly leveraged market and potential for significant price volatility. CoinGlass data shows a balance of risk: $2 billion in long positions face liquidation at $2,600, while $1.8 billion in short positions are at risk above $2,900. A break above this level could trigger substantial short liquidations, potentially pushing ETH towards $3,000.
Disclaimer: This article does not provide financial advice. Conduct thorough research before making investment decisions.
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