Ethereum (ETH) Whales Fuel Price Surge with Massive Transactions

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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.

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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.

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.

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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.

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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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  • Asad

    Asad is a dynamic and talented cryptocurrency content author who brings a wealth of knowledge and enthusiasm to every article. With a deep understanding of blockchain technology and a passion for digital assets, Asad's writing is both informative and engaging.

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