Whale Dumps 10K Coins Amid ETH Price Drop, What’s Next?
Ethereum (ETH), the second largest cryptocurrency by global market cap, has once again attracted attention in the broader crypto market. Over the past 24 hours, ETH has exhibited quite turbulent price action, sparking significant interest and activity among large investors, known as whales. According to on-chain data, more than 9,000 ETH tokens were transferred to Coinbase in the last four hours, attracting the attention of market participants.
Ethereum’s Whale Activity and Market Speculations
Ethereum (ETH)’s recent price recovery over the past four hours is particularly notable. On-chain data reveals that a whale identified as 0xe61 deposited 9,553 ETH to Coinbase, valued at over $33.4 million. This significant transaction led to widespread speculation regarding the future direction of the ETH price.
Given the recent decline in Ethereum’s value, some believe the whale may be selling to reduce potential losses. Currently, Ethereum’s price is $3,489.38 and its 24-hour trading volume is $5.1 billion. This represents a -1.17% price drop in the last 24 hours and a -1.85% drop in the last seven days. With a circulating supply of 120 million ETH, its market cap is worth $426.7 billion.
Additionally, Ethereum’s open positions decreased by 2.5%, reaching a valuation of $11.5 billion. Despite these declines, ETH price continues to remain above the $3,400 level. Several factors suggest that a price reversal may be imminent, including the relative strength index of 43.70, which indicates increasing selling pressure from the bears.
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Indicators of Potential Price Reversal
Various indicators point to a potential price change for Ethereum. One of the most important factors was the increase in active addresses, which reached 617,170, a three-month high. This increase in activity is a positive sign of increased user participation and network usage.
Additionally, the ETH/BTC trading pair remained above the critical 0.05 BTC level, which is an important threshold according to market analyst Michaël van de Poppe. Another important development is the S-1 amendments made by leading financial firms for Spot Ethereum ETFs. Companies like BlackRock, Fidelity, Grayscale, and VanEck have filed detailed amendments to the SEC showing their commitment to launching these funds. The potential approval of these ETFs could bring significant institutional investment into Ethereum.
Bloomberg analyst Eric Balchunas highlighted the competitive pricing of these ETFs, where VanEck’s fee is 0.20%, which could pressure BlackRock to keep its fees below 30 basis points. These combined factors suggest that Ethereum may be on the verge of a significant price reversal. Investors are advised to follow these developments closely, as they may present important opportunities in the near future.
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