Ethereum Price Increases 2% as Whales Carry $6.9 Million in ETH, What’s Next?
A significant transaction involving Ethereum (ETH) was recently reported by Onchaindata. A whale withdrew 1,600 ETH from Bybit and Cooper accounts, worth approximately $6.2 million. This notable move was complemented by a second transaction involving $740,000 worth of ETH. These significant transfers caught the attention of the cryptocurrency community and raised questions about their potential impact on the market and the reasons behind such large-scale movements.
ETH Whale Accumulation Affects Price Movement
There has been a remarkable activity in the UK-based investment fund Fasanara Capital in the last few hours. The fund made a major transaction by transferring 1,600 ETH from Bybit and Cooper, worth over $6.2 million. Following this transaction, Fasanara Capital holds 5,383 ETH in its wallets, worth approximately $20.16 million. Another significant move involved address 0x9d2…C43B1 associated with the Ethereum Foundation, which transferred 200 ETH worth $740,000 to Kraken.
This address was reactivated for the first time since April 28 after being inactive for six years, and first received 2000 ETH from the Ethereum Foundation in 2015. He currently has 1,029 ETH. These transactions have increased speculation among ETH holders regarding the whales’ potential impact on the recent price increase. The broader cryptocurrency bull market and rumors of Ethereum ETF approval also contributed to the rise, pushing ETH above $3,700.
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ETH Price Increased Above 2%
The price of Ethereum (ETH) experienced a significant increase today, reaching $3,754.99. This represents a price increase of 1.56% in the last 24 hours and a significant increase of 19.50% in the last seven days. Ethereum’s 24-hour trading volume stands at $13.9 billion with a circulating supply of 120 million ETH, resulting in a market cap of $451 billion.
Additionally, Ethereum (ETH) open positions increased by 2.95% in the last 24 hours, reaching a valuation of $12.1 billion. The Relative Strength Index (RSI) shows bullish pressure holding above the 50 level at 51.48 at the time of writing. These indicators show that Ethereum’s upward momentum continues in the near term.
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