Gamza Khanzadaev
Ethereum (ETH), unusually large volume of transactions witnessed as whale activity increases amid price recovery
Read U.TODAY
google news
The price of Ethereum, the leading altcoin in the crypto market, has experienced a veritable roller coaster ride over the past 24 hours. Therefore, after yesterday's fire sale, where positions worth tens of millions of dollars were liquidated in just an hour, the price of Ethereum briefly fell by 3.1% to $3,411.
However, there has since been a rebound, and just over 20 hours later, ETH is trading at $3,591, representing a 5.3% increase from yesterday's bottom.
Amid these dramatic price fluctuations, the high activity of crypto whales, the most prominent players in the market, has attracted the attention of analysts. Thus, Spot On Chain reported a huge deposit of 9,000 ETH worth $32 million by a whale known as “0x347” on Binance, marking the largest ETH deposit by a company to date. Currently, “0x347” holds 29,738 ETH, worth approximately $106 million, and his estimated profit is $68.5 million.
Meanwhile, a report from Lookonchain revealed massive purchases by whales during the market decline, acquiring 10,309 ETH worth $35.82 million. The whale also made another big investment before the April 8 Bitcoin surge.
The conflicting actions of these key players reflect differing opinions on Ethereum's short-term trajectory. Some see the price recovery as a continuation of the bullish trend, while others speculate that it is simply a technical rebound. Ethereum remains at the center of speculation and intrigue as the market remains tense.
About the author
Gamza Khanzadaev
