Ethereum (ETH) saw unusually large transactions as big investors became active during a price rebound. The price of Ethereum, one of the leading cryptocurrencies, has been highly volatile in the last day.
Following a sudden drop yesterday, where millions of dollars’ worth of positions were sold in a short time, Ethereum’s price fell by 3.1% to reach $3,411 at one stage.
Ethereum (ETH) Bounces Back with 5.3% Gain Amidst Whales’ Activity
Following a turbulent period, Ethereum (ETH) has rebounded, now trading at $3,591, marking a 5.3% increase from yesterday’s low point. This recovery comes after a significant price drop where ETH fell to $3,411.
During these volatile price movements, the activity of cryptocurrency whales, the major players in the market, has attracted significant attention from analysts. Spot On Chain, a blockchain analytics platform, reported a substantial deposit of 9,000 ETH, valued at $32 million, made by a whale identified as “0x347” on the Binance exchange. This deposit is the largest by “0x347” to date. Presently, “0x347” holds 29,738 ETH, worth approximately $106 million, with an estimated profit of $68.5 million.
Massive $ETH whale 0x347 deposited 9,000 $ETH ($32M) to #Binance at $3,560 for profits ~ 30 mins ago.
Notably, this is the whale’s largest $ETH deposit to date.
Currently, the whale still holds 29,738 $ETH (~$106M) with an estimated total profit of $68.5M (+65%)!
Follow… pic.twitter.com/SdTaPdtLdM
— Spot On Chain (@spotonchain) April 11, 2024
Ethereum Whales Make Contrasting Moves Amid Market Volatility
According to reports from Lookonchain, a notable whale made significant purchases during the recent market dip, acquiring 10,309 ETH valued at $35.82 million. This whale had also made substantial investments before Bitcoin’s surge on April 8, indicating confidence in Ethereum’s potential despite market fluctuations.
However, these bullish moves stand in contrast to the actions of other whales, such as “0x347,” who deposited a substantial amount of ETH during the same period. These conflicting actions reflect divergent opinions within the market regarding Ethereum’s short-term trajectory.
While some interpret the recent price recovery as a bullish signal, suggesting a continuation of the upward trend, others remain cautious, viewing it as a technical rebound rather than a definitive trend reversal. As uncertainty prevails in the market, Ethereum remains a subject of speculation and intrigue among investors and analysts alike.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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