A surge in Ethereum prices will force whales to throw away 2,000 estokens and achieve a loss of $2.59 million

With today's important whale activity amidst the bullishness of rejuvenation in the cryptocurrency market, Ethereum (ETH) is in the spotlight.

According to data reported today by market analyst Onchain Lens, whales have deposited a large amount of ETKEN on digital asset trading platform HITBTC, experiencing significant losses to millions. This trade has undergone substantial scrutiny about the future of the ether.

Whale dumps $8.63 million in ETH

As reported by the data, whales that have been dormant over the past four years have today deposited 2,000 ETH worth $6.04 million with Cryptocurrency Exchange HITBTC, facing a loss of $2.59 million.

Initially, the whales acquired an ETH token from Genesis Trading OTC, following the data, for $8.63 million.

Whales, which have held ETH tokens for the past four years, appear to have lost their patients to ether investments.

With recent rise in ETH prices, whales are likely selling these tokens, and they see this as the perfect selling opportunity.

It is unclear why investors lost their assets and deposited them. But with a little patience and the right market timing, he may have made a great profit from his holdings.

ETH contacts important $3000 price levels

Ether has recently embraced the uptrend movement. Its prices have risen 17.9%, 22.35% and 9% over the past seven days, two weeks and one month respectively.

Today, the asset price is $3,007.48, an 8.1% increase over the last 24 hours. During the same period, token trading volume skyrocketed by 57.50%, indicating significant participation from traders and investors in the market.

The current price for ETH is $3,007.48.

After months of sideways price movement, the asset was able to touch the $3,000 mark today. This significant surge shows that tokens continue to gain traction among users, backed by increased bullishness in ETFs, reduced circulation supply, and significant network upgrades implemented recently.

Currently, multiple crypto assets are displaying robust bull signals on their respective price charts. Today, ETH has surpassed the 3K level, but notable assets such as BTC and hype have reached new ATHS of $118,404 and $46.05 respectively.

Market analysts believe the latest price movement will cause a surge in other altcoins. This is an indicator that it's time for Ethereum to push its value towards its previous $4,800 ATH.