ETH: Whale stakes ETH after 7 years in hibernation (2024.03.09)

[MrSpasybo]

ETH - the native token of the Ethereum blockchain platform. It is the second-largest cryptocurrency by market capitalization, after BTC.

I - Onchain data from 52Hz Onchain (in Vietnamese)
I translated the 52Hz Onchain's post from Vietnamese to English, with refinements and explanations of crypto market slangs. I will present text + images so we can view, quote and discuss more easily. I think this is better than sending a simple link.

Whale swapped 1200 ETH ~$4.73M to stETH when staked on Lido^[1].

These 1200 ETH was accumulated 6-7 years ago from the Kraken exchange and an address associated with Draftpool. However, they only recently became active again, with a total of 3000 ETH staked, in the last 3 weeks.

Whale starts accumulating large amounts of ETH at the time of 2700 ETH = $30, which means 1ETH = $11-$12, and has been holding continuously through 2 cycles so this is definitely not a trivial address.

It is possible that events such as the Dencun upgrade and the upcoming approval of the ETH Spot ETF have awakened the Whales and they have decided to use this ETH for staking.

After staking all 3000 ETH, the whale continued to make a move to accumulate 1689 more ETH from Kraken 2 days ago. Maybe this Whale knows something very positive for ETH in the near future.

Currently, 1689 ETH in the whale's account is not staked, it is highly likely that they will continue to stake all of this ETH.

II - Technical analysis (Weekly chart)

ETHBTC chart analysis:

• RSX is rising and MACD is starting to show green bars, suggesting the possibility of a bottom formation.
• We need to wait for the chart to break out of the downtrend line and cross above 0.06 to confirm a trend change from downtrend to uptrend.

>> If this happens, ETH will outperform BTC in terms of price performance.

[1] Money Flow
[>] ETH: Whale awakens and staked after 3 years (2024.03.07)

[KryptoBull]

Whale swapped 1200 ETH ~$4.73M to stETH when staked on Lido^[1].

These 1200 ETH was accumulated 6-7 years ago from the Kraken exchange and an address associated with Draftpool. However, they only recently became active again, with a total of 3000 ETH staked, in the last 3 weeks.

It is possible that events such as the Dencun upgrade and the upcoming approval of the ETH Spot ETF have awakened the Whales and they have decided to use this ETH for staking.

From this data about the whales actions, I can only understand that they choose to continue to believe in the potential price increase of ETH in the future, they decide to hold ETH longer, and stake to earn extra profit while waiting for the distribution price range. Whales have decided to trust ETH, so we don't need to panic too much. Those who have ETH can hold it firmly. Anyone who wants to buy ETH can also refer and be more bold in making decisions if believe in the ability to increase of ETH price to 10K USD this season. Of course, not financial advice!

[MrSpasybo]

From this data about the whales actions, I can only understand that they choose to continue to believe in the potential price increase of ETH in the future, they decide to hold ETH longer, and stake to earn extra profit while waiting for the distribution price range. Whales have decided to trust ETH, so we don't need to panic too much. Those who have ETH can hold it firmly. Anyone who wants to buy ETH can also refer and be more bold in making decisions if believe in the ability to increase of ETH price to 10K USD this season. Of course, not financial advice!

Yeah, I also have no doubt about the potential of ETH and that ETH will create a new ATH sooner or later in this cycle. Besides BTC, ETH is a valuable and investable crypto asset, and whales will not easily miss out on the opportunity to profit from ETH. When whales are continuing to hold and stake, retail investors don't need to be too afraid, we should also hold or stake.

The only thing I'm worried about is that when whales have stETH, they can still liquidate stETH on secondary markets, meaning that a distribution zone could appear without any signs of unstaking ETH from whales.