The cost of Ethereum is experiencing rough waters, dropping approximately 4% in value as part of the larger cryptocurrency market instability. This latest decrease in Ethereum’s price has stirred up conversations among crypto investors, who are pondering possible future price shifts.
Remarkably, the actions of certain large investors in Ethereum, most notably during initial coin offerings, have fueled debate about Ethereum’s future direction and increased unease among investors.
Whale Activities Sparks Concerns Over Ethereum Price
Over the past several days, the cost of Ethereum has seen a significant drop. This downturn became more pronounced following news that the U.S. Securities and Exchange Commission (SEC) might postpone their decision on an Ethereum Exchange Traded Fund (ETF). Furthermore, the ongoing SEC examination into Ethereum’s security classification has added to unease among investors.
During the chaotic market conditions, Spot On Chain reported that a major player in an Ethereum Initial Coin Offering (ICO) sold off 2,000 ETH for a massive $19.98 million worth of USDC at an average price of $2,997 each.
Significantly, a whale from Ethereum’s Genesis ICO in 2015 bought 33,213 ETH and has since transferred or sold around 5,110 ETH on Kraken or decentralized exchanges for approximately $2,545 each. However, this sale only reduced the whale’s current Ethereum holdings to roughly 29,700 ETH, valued at over $89 million, spread across three wallets, mostly in staking platforms.
Additionally, Whale Alert reported suspicious Ethereum transactions that could indicate upcoming large-scale sell-offs. An unidentified wallet sent 10,806 ETH, equivalent to $32.13 million, to Coinbase for possible sale, and another whale transferred 10,726 ETH, or roughly $31.90 million, to the same exchange.
Large amounts of Ethereum being moved to the top crypto exchange have raised concerns among investors about possible price fluctuations for Ethereum. But even with these fears, analysts remain hopeful that the market could rebound, fueled by excitement leading up to the Bitcoin Halving event.
Price Performance & Market Sentiment
Significantly, the latest authorization of Bitcoin and Ethereum ETFs in Hong Kong has brought renewed positivity to the financial world. This significant regulatory achievement has boosted investors’ morale, providing a beacon of light during the present market instability.
Despite Ethereum facing uncertainties in the short term due to whale actions, the wider crypto market continues to be boosted by favorable news such as regulatory approvals and upcoming major events like Bitcoin’s Halving. It is important to mention that some analysts have issued cautions about possible price fluctuations during the Halving occasion.
Currently, Ethereum’s price is at $2,978.31, which is a 3.45% decrease from the previous day. At the same time, its trading volume has increased by 10.77% within the last 24 hours to reach $18.58 billion. It’s important to mention that Ethereum has experienced a significant drop of over 16% in the past week, and a larger decline of approximately 18% in the previous month.
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2024-04-18 12:28