Did whales drive Ethereum above the $1,260 level?
Over the past 24 hours, Ethereum registered a rally to $1264 after 3 weeks of sideways consolidation. At press time, a minor correction to $1252 was observed. The reason behind this abrupt increase was linked to recent whale activity. Prominent on-chain analytics platform, Santiment pointed out that there was a rise in whale transactions. This occurred just a couple of hours ahead of Ethereum’s price spike. Source The above image illustrates how there were a total of 611 transactions 4 hours before and during ETH’s price movement. It should be noted that all these transactions were worth more than $100K. Santiment further detailed, “As #altcoins have heated up, #Ethereum quietly rebounded back above $1,260 for the 1st time in 3 weeks. Though not quite at the level of the big whale dip buys on December 16th ($ETH’s local price bottom), whales are showing increased interest again.” However, the aforementioned whale activity could have...