Whale Offloads 10k Coins Amid ETH Price Dip, What’s Next?

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Whale Offloads 10k Coins Amid ETH Price Dip, What’s Next? – Crypto News

Published

10 months ago

June 23, 2024

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Ethereum (ETH), the second-largest cryptocurrency by global market cap, has once again turned heads across the broader crypto market. In the past 24 hours, ETH has exhibited highly turbulent price action, sparking significant interest and activity among major investors, known as whales. According to on-chain data, over 9,000 ETH tokens were transferred to Coinbase in the past four hours, capturing the attention of market participants.

Ethereum’s Whale Activity and Market Speculation

The recent price recovery of Ethereum (ETH) within the last four hours has been particularly noteworthy. On-chain data reveals that a whale, identified as 0xe61, deposited 9,553 ETH, valued at over $33.4 million, into Coinbase. This considerable transaction has led to widespread speculation regarding the future direction of ETH’s price.

Given the recent dip in Ethereum’s value, some believe the whale might be selling off to mitigate potential losses. Currently, Ethereum’s price stands at $3,489.38, with a 24-hour trading volume of $5.1 billion. This represents a -1.17% price decline over the past 24 hours and a -1.85% decline over the past seven days. With a circulating supply of 120 million ETH, the market cap is valued at $426.7 billion.

Additionally, Ethereum’s open interest has decreased by 2.5%, reaching a valuation of $11.5 billion. Despite these declines, the ETH price is sustaining above the $3,400 mark. Various factors suggest that a price reversal might be imminent, including a relative strength index of 43.70, indicating increased selling pressure from the bears.

Also Read: DOGE, SHIB, and BONK Leads Memecoin Recovery, Is The Worst Over Now?

Indicators of a Potential Price Reversal

Several indicators point towards a potential price reversal for Ethereum. One of the most significant factors is the increase in active addresses, which has reached a three-month high of 617,170. This surge in activity is a positive sign of growing user engagement and network utilization.

Additionally, the ETH/BTC trading pair has remained above the crucial 0.05 BTC level, which is an important threshold according to market analyst Michaël van de Poppe. Another major development is the filing of S-1 amendments by prominent financial firms for Spot Ethereum ETFs. Companies such as BlackRock, Fidelity, Grayscale, and VanEck have submitted detailed amendments to the SEC, demonstrating their commitment to launching these funds. The potential approval of these ETFs could bring substantial institutional investment into Ethereum.

Bloomberg analyst Eric Balchunas highlighted the competitive pricing of these ETFs, with VanEck’s fee at 0.20%, which could pressure BlackRock to keep their fees under 30bps. These combined factors suggest that Ethereum could be on the verge of a significant price reversal. Investors are advised to closely monitor these developments as they could present substantial opportunities in the near future.

Also Read: Binance CEO Richard Teng Affirms Binance’s Support To BtcTurk Amid Recent Hack

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