Ethereum
Ether Climbs Five Percent Following Significant Whale Purchases and Capital Rotation
Large-scale accumulation by major investors helped propel Ether back toward the $2,480 level after recent macro-driven losses.
Ether rose roughly 5% on October 16, trading near $2,480 with a 24-hour advance of 4.6%, according to CoinGecko data. The rebound brought Ethereum's 24-hour trading volume to $14.48 billion and its total market capitalization to $301.76 billion, recovering from an intraday low near $2,300 following hotter-than-expected United States inflation numbers.
On-chain monitoring highlighted extensive dip-buying by large holders within the $2,300 to $2,500 band. Lookonchain reported that a prominent wallet acquired 6,010 ETH valued at $14.23 million on October 15, having previously taken $1.08 million in profit on an earlier sale. Another entity bought 3,288 ETH at an average price of $2,450, withdrawing 1,100 ETH from OKX alongside direct market purchases.
Institutional capital rotation from Bitcoin also supported the recovery. On-chain data from Yuqing and Lookonchain revealed that large traders liquidated 1,890 BTC across several days, converting the proceeds into more than 62,900 ETH.
From a technical perspective, Ether has established a short-term upward trajectory, showing a double-bottom formation on the four-hour chart. The asset's 14-day relative strength index stood around 65, reflecting solid buying pressure without entering heavily overbought territory.
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