In a surprising turn of events, the crypto sector records a recovery today following turmoil in Bitcoin, Ethereum and broader crypto markets due to escalating geopolitical tensions between Israel and Iran and attracted great interest around the world. Amid this recovery trend, Ethereum whales have staked large amounts of ETH on the Beacon chain, increasing optimism among crypto traders and investors regarding the future trend of the token's price.
Notably, ETH price has fallen to 2,868.80 over the past 24 hours, consistent with the aforementioned geopolitical tensions and the market's pre-halving correction. However, the price of ETH is showing signs of recovery as bulls express support for the token, further hammered by today's looming halving, sending bullish ripples through the vast ocean of cryptocurrencies. It seems to be expanding.
Ethereum staking sparks optimism
According to on-chain insights floating on the cryptocurrency horizon, today, April 19th, an unknown whale address 0x55c withdrew 1,214 ETH from Binance. Notably, this accumulation increased Whale’s total ETH collection to 20,545 coins, which he transferred to wallet 0xCbF. This shows Whale's move to stake his ETH on the Beacon chain, a key component of Ethereum 2.0. Meanwhile, whales have accumulated these tokens over the past three months at an average price of $3,075, highlighting a deliberate and potentially well-informed investment strategy.
Meanwhile, Whale's massive ETH staking has injected a bit of optimism into Ethereum for investors, further underscoring confidence in the long-term value of the asset. At the same time, ETH price topped $3.1 million, rising in parallel with the overall market recovery and the optimism generated from Whale staking.
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Ethereum price rise
Ethereum token has registered an increase of 4.71% in the past 24 hours and is currently trading at $3,109.50. ETH market capitalization increased by 4.68%, while 24-hour trading volume surged by 11.45%. This significant price increase quickly created a buzz in the crypto community, leading to speculation about an incredible market recovery as BTC's halving approaches.
Meanwhile, open interest in the token increased by 4.35%, and derivatives trading volume also increased by 18.14%. This further highlights the strong upward trend in the Ethereum market at the time of writing, and increases optimism surrounding the token's price trend going forward. Coupled with the impending BTC halving and the massive staking mentioned above, Ethereum market data shows a bullish outlook for future ETH price trends.
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