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Ethereum (ETH) whales have started a huge buying spree today. They have been accumulating ETH throughout the day as the price of ETH is shedding off its recent losses. As per Whale Alert, two major Ethereum transactions were conducted earlier today.

In the first transaction, a whale bought 10,986 ETH from crypto exchange Binance and transferred it to their private wallet. This Ethereum purchase is worth around $29.26 million at the current price level. Shortly after it, Whale Alert detected another ETH transfer.

This time, a whale purchased 10,000 ETH from Binance and it was also transferred to the whale’s private wallet. As per estimates, this purchase is worth around $26.72 million. Collectively, these whales have bought almost $56 million worth of Ethereum in a short span of time.

What does it mean for ETH price?

Whale purchases are typically bullish for the coin as it injects more investment into the market. Moreover, these large holders are famous for holding the coin for a long term, hence they decrease the chances of a potential sell-off. Even when the price dips, whales usually avoid selling their holdings and potentially buy the dips.

Meanwhile, the Ethereum price is already making bullish moves in the market today. As of now, ETH is trading at the value of $2,639. It has jumped 8.33% in the last 24 hours, a notable achievement as ETH suffered significantly during the recent crypto market dump. In fact, the ETH price is still down 16.18% in the last seven days.

This means that today’s jump is just the start of a significant recovery for the leading altcoin. Since whales are also supporting the price at these levels, it is likely that Ethereum will continue this upward trend and recover from its losses. Overall, the coin is witnessing strong bullish signals and a potential rally is in the cards.