Ethereum price is back in the spotlight as investors closely monitor whale activity amid recent price fluctuations. Despite the temporary downturn, increased whale trading activity has reignited optimism about the possibility of Ethereum price recovery in the near future.
Ethereum's trajectory remains a focus for traders and enthusiasts alike, especially with important developments on the horizon and increasing interest from institutional investors.
Ethereum price falls despite whale accumulation
Ethereum price has fallen by more than 1% today and the downward momentum continues. However, this year, cryptocurrencies have recorded significant gains amid a rally in the broader crypto market. However, the recent SEC investigation into Ethereum's security situation and a possible delay in Ethereum ETF approval appear to have weighed on the market.
However, in this context, recent on-chain data shows significant accumulation of Ethereum by influential figures in the crypto space. The report suggests that Tron founder Justin Sun may have recently shifted his focus to the second-largest cryptocurrency by market capitalization.
Meanwhile, Sun and other whales have accumulated a total of around $500 million worth of ETH in recent transactions, according to Lookonchain insights. Notable moves include large-scale exits from exchanges and strategic allocations to different platforms, demonstrating confidence in Ethereum's long-term potential.
According to Lookonchain, Justin Sun “supposedly” withdrew 4,666 ETH worth $14.91 million from Binance, alongside large withdrawals from other wallets. Furthermore, wallet 0x4446 deposited his ETH to Compound, worth $37.77 million, and he borrowed USDT after withdrawing 11,892 ETH.
Meanwhile, another wallet 0x1958 withdrew 5,181 ETH worth $16.28 million from Binance and staked it on Bedrock and Pendle. At the same time, $23.06 million in Ethereum was accumulated in a new wallet from Binance on April 22nd.
Notably, these moves demonstrate strong confidence in ETH's future trajectory and hint at potential price increases.
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Price and performance during trading surge
The influx of whale activity has brought renewed optimism to the Ethereum market, offsetting recent concerns over regulatory oversight and delays in Ethereum ETF approval. Strategic maneuvers from influencers like Justin Sun highlight bullish sentiment on Ethereum’s future trajectory.
Investors are interpreting these moves as a vote of confidence in Ethereum's resilience amid market turmoil, raising expectations for a potential resurgence in Ethereum's price movement.
Meanwhile, at the time of writing, the price of Ethereum was down 1.39% to $3,176.14, while the trading volume over the past 24 hours was almost flat at $10.57 billion. Despite recent weakness, the stock is up nearly 3% over the past seven days, but is down about 6% for the month.
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