Ethereum News Today: Cumberland-linked Wallet Adds 3,263 ETH Worth $11.75 Million

A wallet linked to Cumberland, a prominent crypto market maker, has added 3,263 ETH, valued at approximately $11.75 million, to its holdings. This acquisition brings the wallet's total ETH holdings to 23,463.3, with a current value of around $76.52 million. The wallet has been consistently accumulating ETH since June 18, with each purchase averaging around $3,261 per ETH. This steady accumulation suggests a long-term investment strategy rather than short-term trading.

The current price of Ethereum is $3,566, which places the wallet's holdings in a profitable position with unrealized gains of $6.63 million. The 4-hour price chart for Ethereum shows a consistent upward trend since early July, with each retracement finding support near the 50-period Exponential Moving Average (EMA), which is currently at $3,216.9. The chart indicates higher lows and increased buy volume on each breakout, suggesting strong market momentum.

The wallet's accumulation strategy aligns with Ethereum's uptrend structure. By adding 3,263 ETH at the top of the current range, the wallet demonstrates a strategy of scaling in across different price levels. The significant gap between Ethereum's market price and the EMA further supports the sustained momentum in the market. This wallet's activity has drawn attention due to its size and timing, often buying during consolidation phases. The steady inflow of ETH into the wallet coincides with growing institutional participation in the broader Ethereum market. While the wallet's owner remains unconfirmed, analysts associate it with Cumberland based on the volume and structure of its activity.