Ethereum, the second-largest cryptocurrency by market capitalization, has received significant attention across the global crypto industry as it faces notable turmoil amid broader crypto market volatility. The trajectory of the ETH price, which has fallen by nearly 4% in the past 24 hours, has raised serious concerns among investors about future actions, as stalled whale activity on the crypto horizon highlights bearish sentiment. There is.
The story of a massive whale unloading, in which around 56,000 ETH was moved to exchanges, has raised concerns about a potential correction in Ethereum going forward. Let’s take a closer look at the token’s on-chain market data.
56,000 ETH offload fuels investor concerns
Interestingly, data from various on-chain trackers reveals substantial whale activity around ETH. In the past 24 hours, a staggering amount of 55,706 ETH to be exact was offloaded to the world's leading CEX.
To put this into further perspective, Whale Alert data reveals that 10,431 ETH worth $33.23 million was transferred to Binance. Additionally, another whale moved his 33,383 ETH (worth $106.12 million) to the same CEX, followed by 11,892 ETH (worth $38.07 million) moved by the whale again to the same exchange.
These massive Ethereum declines created sentiment for a potential correction in Ethereum price first. Whales' profit-taking action while the post-halving rally has yet to occur further solidifies this sentiment.
On the other hand, the token has witnessed notable fluctuations, in line with the overall market trend. It is worth noting that the regulatory uncertainty surrounding Ethereum's security status has further raised eyebrows over the token's price movements.
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Ethereum price slip
At the time of writing, Ethereum price has fallen 4.31% in the past 24 hours and is currently trading at $3,157. The wild price movements exhibited by the token are further consistent with derivatives data, suggesting mixed market sentiment.
Coinglass highlighted that ETH token open interest decreased by 4.76%, while derivatives trading volume surged by 11.00%. Consistent with Ethereum's recent volatile movements, derivatives data further points to mixed sentiment among investors, likely caused by speculative trading.
Nevertheless, it is also worth noting that TRON founder Justin Sun has recently accumulated an incredible amount of ETH and painted an optimistic scenario for the token in the long term. Enthusiasts in the crypto market continue to closely monitor Ethereum for price fluctuations, highlighting the turbulent nature of the crypto space.
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