As a seasoned analyst with years of experience in the tumultuous world of cryptocurrencies, I can’t help but feel a sense of déjà vu when observing Ethereum’s latest price fluctuations. The whale transactions detected by Whale Alert are a clear indication that these market behemoths are once again flexing their muscle, adding pressure to the ETH price.
As a researcher delving into the cryptocurrency market, I’ve observed a minor correction in the price of Ethereum (ETH), the second-largest digital currency today. Despite anticipation that ETH may surge toward its next peak, some influential players (whales) seem to have adopted a bearish stance. This shift has amplified the trading activity, creating more hurdles for Ether to ignite a substantial rally.
Today, Whale Alert – the premier cryptocurrency tracking platform – spotted two significant transactions involving whales. In one transaction, a whale moved approximately 12,573 coins from an unidentified wallet to top U.S. crypto exchange Coinbase. Given the Ethereum price at that time, this transfer is roughly equivalent to $35 million in value.
Approximately seven hours following the initial transaction, another transfer took place. Whale Alert detected that this same whale moved 12,573 coins from an unidentified crypto wallet to Coinbase. Despite this, the worth of these coins is approximately $34.6 million due to a subsequent fall in ETH prices.
Impact on ETH price
Transactions such as these often lead to significant demand for the coin, which can be challenging for smaller sellers. Large investors, known as “whales,” play a crucial role in the market due to their ability to impact trading trends. The sale of these Ethereum coins, in this case, is a bearish sign, and it has already led to a decrease in price, as we’ve seen the market fall today.
Significantly, Ethereum’s price was quite robust over the weekend, managing to surpass the important $2,800 mark on August 24th. However, it has experienced a slight dip due to selling pressure from large investors. As of this writing, Ethereum is being traded at $2,746, representing a decrease of 0.47% in the past 24 hours.
The significant daily trading volume decrease of about 16.72%, bringing it to approximately $9.6 billion, for the top altcoin, suggests a slight negative market trend. Nevertheless, ETH has managed to increase by 6.43% over the past week. This indicates that the coin might withstand the pressure and potentially maintain its upward trajectory in the coming days.
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2024-08-26 16:14