As a seasoned crypto investor with a deep understanding of the Ethereum (ETH) ecosystem, I’ve witnessed the volatility and unpredictability of this digital asset firsthand. The recent selling pressure on ETH, resulting in a 1.5% loss over the last 24 hours and an 8% decline in weekly gains, has left many investors feeling anxious.
Ethereum, the world’s second-largest cryptocurrency, is experiencing significant selling pressure, causing its price to decrease by 1.5% over the past 24 hours and reach $2,884. Consequently, Ethereum’s price has seen a weekly loss of 8%.
Massive Ethereum Whale Deposit on Coinbase
With Ethereum (ETH) failing to advance recently, major investors or “whales” have grown increasingly restless. Notably, transactions of note from a notable early Ethereum investor, referred to as 0x2ce, have been highlighted by the analytical platform Spot On Chain.
Around three hours ago, the address 0x2ce transferred a large quantity of Ethereum, approximately 4,153 ETH worth around $12.2 million, to Coinbase at an Ethereum price of $2,931 per token.
Based on historical behavior, this transaction mirrors the past actions of the identified Ethereum whale. In the year 2016, the whale extracted 12,423 ETH from Poloniex, equivalent to around $137,000 at that time. Since the beginning of 2021, 0x2ce has consistently added 9,436 ETH into Coinbase and Luno, with an average price of $2,245 per ETH, resulting in a total investment worth approximately $21.2 million.
According to the most recent figures, 0x2ce now holds 2,566 ETH, which is equivalent to around $7.48 million. It’s important to mention that the earnings from these transactions are projected to total an impressive $28.5 million, marking a significant gain of approximately 204%.
3 hours ago, Early $ETH holder 0x2ce deposited 4,153 $ETH ($12.2M) to #Coinbase at $2,931.
The whale withdrew 12,423 $ETH from #Poloneix at ~$11.03 ($137K) in 2016,
And has deposited 9,436 $ETH to #Coinbase and #Luno at ~$2,245 ($21.2M) since 2021.
Current holding: 2,566 $ETH…
— Spot On Chain (@spotonchain) May 13, 2024
ETH Price Reversal Soon
As a crypto investor, I had been eagerly anticipating the launch of a spot Ethereum Exchange-Traded Fund (ETF) by the end of May. However, based on my analysis of the current market situation and insights from industry experts, it seems increasingly unlikely that such an approval will be granted this year in 2024.
In a recent conversation with DL News, experienced analyst Eric Balchunas from Bloomberg shared his perspective that it is highly unlikely for the U.S. Securities and Exchange Commission (SEC) to approve an Ethereum ETF at this time due to the absence of any engaging discussions between the topics and the regulatory body.
The upcoming US election in November might influence who leads the Securities and Exchange Commission (SEC), with significant implications for cryptocurrency regulations. Should Donald Trump win a second term, a more favorable stance towards crypto could be expected from the SEC chairperson, potentially shaping regulatory decisions on digital currencies. If a new chairman is appointed as early as April or May and filings are processed swiftly, approval or rejection deadlines may fall around December 2025.
Michael van de Poppe, a well-known cryptocurrency analyst, pointed out in his latest evaluation that Ethereum (ETH) is likely to experience a drop in price, potentially landing between $2,500 and $2,750.
According to Van de Poppe’s analysis, Ethereum’s downward trend might be coming to an end soon, and the predicted bottom could emerge within the next 1-2 weeks. However, this prediction is subject to change if the approval process for an Ethereum Exchange-Traded Fund (ETF) experiences any additional delays.
Van de Poppe proposes a possible sequence of events whereafter a significant decline, referred to as a “sweep,” takes place prior to Ethereum experiencing an upward rotation. This intricate interplay between market trends and regulatory influences significantly impacts Ethereum’s price trend.
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2024-05-13 07:42