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Ethereum (ETH) Whales Move 36,000 Units as Rally Begins
Ethereum is now on the path to recovery after a retracement on the weekly time horizon. ETH touched the $3,000 price level today, indicating the return of buyers.
Whale activity increased again amid the price recovery, with over 36,000 ETH tokens moved. Will this affect Ether prices?
Ethereum Whale Movement Affects Ether Price
According to on-chain analytics platform Whale Alert, 36,763 ETH it was moved last day.
One whale address transferred 25,772 ETH to Coinbase Institutional, a major cryptocurrency exchange, and another whale acquired 10,990 ETH from Coinbase during the same period.
These transactions coincide with the price fluctuation of Ethereum, which has sparked mixed feelings among market participants.
Meanwhile, the price of Ethereum increased slightly today, trading at $2,980 as of 5:37 am EST, up 1.4% over 24 hours. Monthly charts suggest that the token has entered a consolidation phase, characterized by high fluctuation around the $3,000 price level.
The Ethereum Spot ETF’s decision could affect its price
The uncertainty surrounding the approval of the Ethereum spot ETF by the United States Security and Exchange Commission (SEC) is a major factor influencing the price of Ethereum.
While enthusiasts are eager for approval, MicroStrategy CEO, Michael Saylor, is critical of an Ethereum ETF. According to Saylor, Ethereum is a security. Therefore, the SEC would never approve an ETF for the altcoin.
This statement from Saylor comes just 20 days before the ETH ETF’s final expiration on May 23. The SEC will approve or deny an application for an Ethereum ETF on that date.
Additionally, Saylor believes that other altcoins such as BNB, SOL, Cardano, and XRP will be classified as unregistered securities. You noted that Bitcoin is unique in attracting institutional acceptance and there is no second-rate token.
While opinions are divided on Ethereum ETF approval, a positive response will likely attract more investors. If ETFs are approved, Ethereum will likely experience a massive rally.
However, nothing is certain yet, and if the SEC were to reject the decision, a decline for Ether would be imminent spot approval of ETH ETF.
What future for Ethereum?
ETH formed a red candle on the daily chart after rising to $3,000 today. Sellers continued to add pressure, forcing a decline to the $3,032.8 resistance level.
However, ETH found support at the $2,938.2 price level, which is crucial to prevent a further decline.
The Parabolic SAR indicator has moved above the candlesticks, a bearish signal of further decline. This confirms the bearish signal shown by the RSI, which is located at 39.08, approaching the oversold region.
Considering the upcoming spot ETF decision and the current mixed market sentiment, Ethereum price is at a critical conjecture. It could remain in consolidation over the next few days until a decision is reached that pushes it higher or triggers a recession.
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