Ethereum Surges 15% in a Week Despite Whale Sell-off

Ethereum has seen a robust price surge over the past week, despite significant sell-offs from large holders, commonly referred to as “whales.” On-chain data from IntoTheBlock reveals a sharp decline in whale activity, with net flows decreasing from 85,650 ETH in inflows on September 19 to 6,420 in outflows by September 23.

Ethereum’s price experienced a recovery from $2,300 to $2,400 on September 19, with most of the upward momentum driven by retail investors rather than institutional holders. According to data, Ethereum recorded a net inflow of 150,690 ETH into centralized exchanges on September 19, but these inflows later stabilized. Over the past seven days, centralized exchanges have seen an inflow of approximately $480 million in ETH.

Despite the notable whale sell-off, Ethereum’s price climbed by 15% in the past week, reaching a trading value of $2,640 at the time of writing. Earlier today, the cryptocurrency touched a monthly high of $2,685, supported by strong bullish indicators in the on-chain data. Ethereum’s market capitalization now sits at $319 billion, with a daily trading volume exceeding $17 billion.

One of the primary drivers of this bullish momentum across the market was the 50 basis-point interest rate cut by the U.S. Federal Reserve. However, for Ethereum to continue its upward trajectory towards the $2,800 mark, stronger accumulation and buy-side pressure are needed.

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