Ethereum Whale Activity Increases, Will the Current Hold and Rush to 3.5K?

On-chain data shows that the top 1,000 Ethereum whale addresses bought over 170,000 ETH ($5.14 billion) over the weekend. It seems that the big whales are on an ETH buying spree. The whale with Ethereum wallet 0x8B947f974618aF6b3E63b7A942Ef02D505ad8564 has withdrawn and staked approximately 14,632 ETH on Binance over the past six days. This amounts to approximately $45.5 million. "The two newer whale wallets have each withdrawn 3,000 ETH via Kraken over the past two days, for a total of 6,000 ETH, valued at $18.7 million," the Lock.on.chain data added. Meanwhile, a Whale address (starting with 0xAA1) that has held 50,732 ETH since September 2023 transferred 2,000 ETH to Binance a few hours ago. The address has transferred a total of 12,200 ETH ($30.029 million) to the exchange since January 16th. The bid price is estimated at $1983, and if all 12,200 ETH transferred to the exchange were sold, a profit of $6.1 million would be expected.