Recently, Ethereum (ETH) saw a notable price increase following significant transactions by large holders. Onchaindata reported that a whale moved 1,600 ETH, valued at around $6.2 million, from Bybit and Cooper accounts. Another transaction involved $740,000 worth of ETH. These large-scale movements have sparked curiosity in the cryptocurrency community regarding their potential market impact and the reasons behind them.

Fasanara Capital, a prominent investment fund based in England, was notably active, transferring 1,600 ETH worth over $6.2 million from Bybit and Cooper. After this move, Fasanara Capital still holds 5,383 ETH, valued at roughly $20.16 million. In another significant transaction, an address linked to the Ethereum Foundation, 0x9d2…C43B1, sent 200 ETH to Kraken, valued at $740,000.

This Ethereum Foundation address had been inactive since April 28, only reactivating recently after six years of dormancy. It originally received 2,000 ETH from the foundation in 2015 and now holds 1,029 ETH. These transactions have led to speculation among ETH holders about the role of whales in the recent price surge. Additionally, the broader cryptocurrency bull market and anticipation around Ethereum ETF approval have contributed to the price rally, pushing ETH above $3,700.

Ethereum's price climbed to $3,754.99 today, reflecting a 1.56% rise in the past 24 hours and a notable 19.50% increase over the last week. The 24-hour trading volume for Ethereum is $13.9 billion, with a circulating supply of 120 million ETH, bringing its market cap to $451 billion.

Furthermore, the open interest in Ethereum has increased by 2.95% in the past 24 hours, reaching $12.1 billion. The Relative Strength Index (RSI) indicates bullish momentum, standing at 51.48. These indicators point towards continued upward movement for Ethereum in the near future.

In conclusion, the recent substantial transactions by Ethereum whales and the resulting price movements highlight the ongoing influence of major players in the crypto market. As ETH continues to gain traction, investors are closely watching for further developments that could drive its price higher.