An individual with a significant amount of Ethereum Name Service (ENS), totaling 282,365 tokens and valued at $9.15M, recently made a deposit into Binance via an intermediary wallet.
The tokens originated from the ENS DAO: Community Reward Funds wallet, where their worth was $4.78M.
This calculated move resulted in a $4.36M profit for the individual, showcasing their precise timing in the market. This transaction coincided with a remarkable 1041% surge in 24-hour inflow volume, indicating a surge in market activity.
ENS Price Movement and Forecast
The price chart for ENS reflects substantial volatility post the whale’s transaction. Currently, the token is trading at $34.41, showing a recovery from its recent low of $28.00.
There was a notable price increase after the whale’s deposit, with increased buying activity on Binance potentially counteracting selling pressure.
The Relative Strength Index (RSI) sits at 50.86, suggesting a neutral trend with flexibility for movement in either direction. Should ENS maintain support above $32.00, a retest of resistance near $38.00 could be on the horizon.
However, an escalation in sell-offs might steer prices towards the $30.00 mark in the short term.
Influence of Whales on Trends
On-chain Inflow Volume for ENS observed a significant 1041% surge in the past 24 hours, indicating heightened market activity.
This surge correlates with the whale’s deposit of 282,365 ENS tokens into Binance as evidenced in the compiled exchange data.
This spike indicates substantial trading interest, often associated with a blend of profit-taking and speculative buying.
Persistently high inflow volumes could lead to short-term price fluctuations. Nonetheless, if inflows stabilize, ENS might consolidate within its current price range.
It is advisable for traders to keep an eye on influx patterns for indications of increasing selling pressure or renewed accumulation.
Enhanced Holder Confidence
The total count of ENS addresses with balances presently stands at 58.39K, reflecting consistent growth.
Over the past month, the average was 57.31K, with a peak of 57.67K and a trough of 56.85K. This consistency signifies robust holder confidence amid market fluctuations.
Despite whale actions and spikes in inflows, the overall balance trend remained mostly unaffected, suggesting a stable broader market involvement.
If this trend persists, ENS could witness continual network expansion, bolstering long-term price equilibrium. Traders are advised to monitor these metrics for shifts in market sentiment.
Recent whale activity, substantial price movements, and a notable increase in on-chain inflow volume spotlight the growing interest in ENS. Despite the uptick in market activity, the total address balance remained steady, reflecting unwavering confidence among holders.
The $4.36M profit made by the whale highlights the significance of strategic timing in volatile markets. If ENS effectively maintains network growth and manages buy-and-sell pressures, it stands a chance for sustained price stability and broader acceptance.