Ethereum Eyes $3,000 as Mystery Whale Rotates $87 Million Out of Bitcoin

Ethereum climbed above $2,700, its highest level since January, as whale activity accelerated and one large holder rotated a significant amount of Bitcoin into ETH.On-chain tracker Lookonchain reported that a mysterious whale sold 1,107 BTC worth $86.76 million on Hyperliquid before buying 34,422 ETH worth $86.5 million and staking the entire position.The transactions occurred over the past five days, according to data reported on Sept. 21.Another swing trader is also buying back into Ethereum at higher prices.Trader 0x4cee, who sold 10,500 ETH for $23.64 million at an average price of $2,252 a month ago, bought back 7,567 ETH worth $19.93 million. The earlier sale generated a $3.66 million profit.On Chain Activity Shows StrengthSantiment Intelligence data shows whale transactions are climbing as Ethereum breaks higher, suggesting large holders are becoming increasingly active.Ethereum’s holder base has also expanded to a record 207.17 million non-empty wallets.More than 40 million ETH is currently staked, while the Ethereum network secures roughly $50 billion in decentralized finance total value locked, supported by stablecoins, lending, decentralized exchanges and liquid staking.Can ETH Break $3,000?Crypto analyst Ali Martinez said Ethereum confirmed a breakout after clearing $2,560 and successfully retesting the level as support.Martinez sees $2,760 as the next major target.Trader CrediBULL Crypto, meanwhile, said ETH has cleared previously untapped highs and is approaching a key $2,800-$3,000 resistance zone.He sees that area as a logical point for a rejection and potentially a deeper pullback toward equal lows. However, a decisive break above the zone could reduce the likelihood of that downside move.Image: Shutterstock Read Also: