The post wallet purchases change price predictions appeared on BitcoinEthereumNews.com.

Yesterday the price of Ethereum bounced back from its local low around $2,850, driven by a frenzy of shopping by a mysterious wallet that accumulated a whopping 30,680 ETH in less than 24 hours, equivalent to over $92 million. Purchases of this kind by whales suggest important signals for the evolution of the price action of the crypto asset, which could now see strongly bullish forecasts in the coming weeks. Meanwhile, the macroeconomic landscape also seems to support risk-on assets, after yesterday’s CPI data indicated inflation in line with market expectations.Let’s see all the details below. Mysterious wallet buys 30,000 ETH and helps crypto bounce back from local lows Yesterday the market sentiment and short-term forecasts of Ethereum investors changed suddenly, after the cryptocurrency regained the crucial price level of $3,000, further strengthening the underlying support. Having contributed to the rebound of the crypto, which closed the day with a +5.23%, we see the hand of a mysterious wallet that has accumulated a fortune in ether.The whale in question received a whopping 30,680 ETH in a completely new address, with a current value of 92.5 million dollars. Usually monitoring the money flows of these subjects and their traders can help to get an idea of which direction the market should take and how the price forecast of an asset evolves. We do not know who is behind the identity of the wallet, but thanks to on-chain data we can easily observe how another address has funded the loot with 7 distinct transfers, each ranging from 5 to 23 million dollars in Ethereum. These transactions all took place between May 13th and 15th, with the last one processed just 15 hours ago, showing a strong bullish bias. The timing of the whale was impeccable: in fact, in the last 3 days…

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Filed under: News - @ May 16, 2024 2:24 pm