Joseph Lubin’s blockchain technology company ConsenSys is likely on a heavy ETH accumulation spree. A wallet linked to the company purchased another 3,704 ETH through Galaxy Digital, an on-chain data platform reported on Tuesday. Will heavy accumulation trigger Ethereum price rally to $3,000?
ConsenSys Bought ETH Worth $422 Million
Lookonchain in an X post on June 24 revealed a whale or institution probably linked to ConsenSys purchased another 3,704 ETH worth $8.91 million. The trade was conducted again through Galaxy Digital over-the-counter (OTC) trading desk.
Notably, the wallet 0xCd9…F5F75 purchased a total of 161,112 ETH through Galaxy Digital OTC in the past 3 weeks, which is valued at almost $422 million. Arkham Intelligence showed that the wallet made frequent transfer to 0x0b2…83E57 wallet, which primarily holds Liquid Staked ETH (LsETH) over $187 million. However, the wallets’ link to ConsenSys remain vague.
ETH Transactions. Source: Arkham Intelligence
As The Crypto Times reported recently, ConsenSys purchased 108,278 ETH for a value of about $320 million from the digital assets firm Galaxy Digital.
Whale Alert reported ETH accumulation by many whales in the last 48 hours as the price dipped near the 2,200 level. A whale moved 28,000 ETH worth $67 million from Binance to an unknown wallet. This indicates that whales or institutions are positioning for long-term holding.
Will Ethereum Price Hit $3,000 Amid Huge Accumulation?
ETH price jumped more than 7% in the past 24 hours, with the price currently trading at $2,419. The 24-hour low and high are $2,191 and $2,446, respectively. Furthermore, the trading volume has increased by 10% in the last 24 hours, indicating a slight rise in interest among traders.
Ethereum Price in 1-Day Timeframe. Source: TradingView
In the daily timeframe, Ethereum price is currently moving strongly but still below the 50-SMA. It needs to reclaim above the $2,500 for picking upside momentum. The RSI has rebounded to 46 signals, providing support for further upside in ETH price.
Moreover, exponential moving average (EMA) indicates possible consolidation or the price may seem stuck between $2,500-$2,750 range this month. Ethereum price may rally in July after the formation of a “golden cross,” pushing traders to buy ETH.
Analyst Michael van de Poppe pointed out that ETH is acting strongly in the recent turmoil in the markets. He predicted a reclaim of 0.023 in the ETH/BTC chart will bring a strong upwards momentum.
Also Read: Ethereum (ETH) Price Pumps 15% After Trump’s Ceasefire: Local Bottom In?
