Ethereum Price Up 7% As Whale Scoops $50 Million Worth of ETH from Binance

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After dipping below the $3,000 mark shortly following the intensification of the Israel-Iran conflict, Ethereum‘s price has rebounded nicely, reaching over $3,150 as of now. This significant recovery in Ethereum can be attributed to whales purchasing large quantities from exchanges during price drops.

Ethereum Whale Scoops $50 Million Worth of ETH

According to information from Etherscan, Lookonchain – a provider of on-chain data – has noted that approximately 16,300 Ethereum (ETH), worth around $51.1 million at present, was recently taken out of Binance. This transaction can be traced back to a wallet connected to Matrixport and was completed just twenty minutes ago.

Since March 29, this wallet has made several withdrawals from exchanges, totaling 67,286 ETH or approximately $228.33 million. The average price paid for each ETH was around $3,393.5. This continuous withdrawal pattern implies that Matrixport may be making substantial moves in the Ethereum market.

A wallet related to #Matrixport withdrew 16,300 $ETH($51.1M) from #Binance again 20 mins ago.
Since March 29, this wallet has made multiple transactions to withdraw a total of 67,286 Ethereum ($228.33 million) from exchanges, with an average price of $3,393.5 per Ethereum.
— Lookonchain (@lookonchain) April 15, 2024

During the market slump, a large Ethereum whale with the wallet address 0xE3477C73E4733D48306A955044E1fAefC649C08F bought an additional 1,000 ETH, worth approximately $3.15 million. With this latest acquisition, their Ethereum holdings now total 8,300 ETH, equating to around $25.12 million.

ETH Price Momentum to Continue On Upside?

In the first drop in Ethereum price from its peak of $3,700 on April 8th, investors holding the cryptocurrency for the long term sold off over 55,368 ETH, worth approximately $204 million at that moment. These ETH had been unmoved for a period of 180 days prior to this sale.

On Friday, April 11, when the market experienced a downturn, there were just 31,165 dormant Ethereum supply units (aged 180 days) in circulation, equivalent to around $101.4 million.

During the past week, Ethereum investors who hold long-term positions reduced their urge to sell by approximately $104 million between the two extreme weekly prices. This decrease in selling pressure could potentially influence Ethereum’s price trend positively over the next few days due to several potential reasons.

Investors should keep a keen eye on the latest rally as bulls attempt to push the ETH price up to $3,200 and beyond, indicating a continuation of the upward trend.

Last week, it was rumored that Hong Kong might give its approval to a spot Ethereum ETF on Thursday, April 15. However, an official announcement is still pending. If true, this development could provide an extra boost to ETH‘s value.

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2024-04-15 07:41