As tweeted by a Twitter handler, Kate Young Ju, an unknown Ethereum whale just acquired a whopping amount of Ethereum worth $1.7 billion at the time of writing. This massive purchase made the anonymous whales the 7-month biggest hourly volume candle in market orders.
The assets were not pushed down by the previous negative performance as the large trading volume was not followed by an increase in short liquidations. This single reason revealed that Ethereum’s recovery rally is gaining momentum as the whales lean on their position through longs. However, this is the first indication of a speeding-up rally. Any time there is an uptrend moment in the derivatives volume, assets tend to recover more strongly, and the volatility in the market increases.
ETH whales Display interest as the merge approaches
The Ethereum market displays encouragement this day as a series of upgrades is in the pipeline. This upgrade has been taken by the traders as an indication of an upcoming spike in price.
Merge On The Way
The merge will soon be on the mainnet as all the necessary upgrades to make it possible have been happening already. The main merge has run successfully on the Ropsten and Sepolia public testnet leaving us with the final test, Georli/pratar. A few days ago, Cryptolifedigital brought an update on the timetable of upgrades to be run before the main merge can surface and indirectly revealed the date for the mail merge to surface on the mainnet.