Ethereum (ETH) price climbed above 1.260 dollar after erasing losses from the previous few months. After the local bottom level of ETH price recorded at 1.168 dollar on December 16, large investors in the cryptocurrency market started to buy ETH en masse.
Due to the increased activity of whales in the last few days, there has been a 5% increase in Ethereum price and data reveals that the altcoin is giving a bullish signal. Santiment, an on-chain analytics platform, reported that 611 transactions were made by whales during the previous day.
The value of these transactions was over 100.000 dollar. However, on Thursday, that number increased even more, rushing towards 419 transactions totaling around 1 million dollars. The data also shows that there is an ever-increasing demand for Ether among whales, which lends credence to the previous explanation.