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The timing of this transfer is particularly intriguing, as it comes after Ethereum's price topped the $4,000 mark and then dipped remarkably. The recent action of the whales has spurred speculation:"Did the whales think that the recent correction was still not enough?", as the $3,300 price levels dip into the midterm buy zone. A combined 59,137 separate ETH whale transactions exceeding $100,000 in value were recorded between March 19 and 21.
Santiment urges traders to keep an eye on the 30-day average returns of ETH wallets, which might indicate if a buy is justified. Average 30-day ETH traders are now down 7%, increasing the likelihood of a rebound. Also, its RSI has dropped to 28.5, the lowest seen for ETH since the price bottomed in late January.declined by 41% this week, with meme coin speculation slowing down significantly. The amount of ETH transferred on the mainnet has also reached its highest since May 2022 this week.
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