Ethereum
Ethereum Price Climbs 2% as Whales Move $6.9 Million in ETH, What’s Next?
Recently, Onchaindata reported a large transaction involving Ethereum (ETH). A whale withdrew 1,600 ETH, worth approximately $6.2 million, from Bybit and Cooper accounts. This notable move was complemented by a second transaction involving $740,000 worth of ETH. These substantial transfers have attracted the attention of the cryptocurrency community, raising questions about their potential impact on the market and the motivations behind these large-scale movements.
ETH Whale Accumulation Drives Price Action
In recent hours there has been notable activity from Fasanara Capital, an investment fund based in England. The fund executed a massive transaction, transferring 1,600 ETH worth over $6.2 million from Bybit and Cooper. Following this transaction, Fasanara Capital retains 5,383 ETH, worth approximately $20.16 million, in its wallet. Another big move involved an address associated with the Ethereum Foundation, 0x9d2…C43B1who transferred 200 ETH to Kraken, worth $740,000.
This address was reactivated for the first time since April 28 after being inactive for six years, having initially received 2,000 ETH from the Ethereum Foundation in 2015. Currently, it holds 1,029 ETH. These transactions have fueled speculation among ETH holders about the potential influence of whales on the recent price surge. The largest cryptocurrency The bull market and buzz surrounding the approval of the Ethereum ETF also contributed to the rally, pushing ETH above $3,700.
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ETH price jumps more than 2%
The price of Ethereum (ETH) saw a notable increase, reaching $3,754.99 today. This represents a price increase of 1.56% over the past 24 hours and a significant increase of 19.50% over the past seven days. Ethereum’s 24-hour trading volume stands at $13.9 billion, with a circulating supply of 120 million ETH, corresponding to a market cap of $451 billion.
Furthermore, the open interest Ethereum (ETH) surged 2.95% in the last 24 hours, reaching a valuation of $12.1 billion. The Relative Strength Index (RSI) indicates bullish pressure, sitting above the 50 level at 51.48 at the time of writing. These indicators suggest continued bullish momentum for Ethereum in the near term.
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