Lately, Ethereum (ETH) has experienced considerable price volatility, with noticeable fluctuations occurring within a brief timeframe. Initially, the cryptocurrency dipped by 3.1%, causing its value to drop to $3,411. However, it swiftly recovered and climbed up to $3,591, representing a substantial increase of 5.3%.
Large cryptocurrency holders, referred to as “whales,” suddenly caused a price shift by intensively trading in the market around the same time. The wallet labeled as “0x347” has become a subject of interest among market observers.
Ethereum Whale Activity amid Market Swings
The actions of whales in the Ethereum market are worth noting, as there have been significant price fluctuations recently. On the Binance exchange, the wallet identified by “0x347” made the largest deposit ever – equivalent to $32 million or 9,000 ETH.
“The addition of over 28,000 Ethereum, worth approximately $106 million, to “0x347’s” possession significantly boosted their Ethereum holdings. Anticipated profits from this deal are estimated to reach around $68.5 million.”
Additionally, based on data from Etherscan and as reported by Lookonchain, another large investor has bought a substantial amount of Ethereum. This whale is said to have invested approximately $35.82 million in purchasing 10,309 Ethereum units. The market was trending downwards at the time this transaction took place.
On April 8th, the identified address invested significantly once more. This investment amounted to purchasing approximately 10,643 Ethereum tokens, equivalent to around 36.75 million dollars in value at that moment.
Various analysts hold contrasting views regarding the influence of major market actors on Ethereum’s price trend in the immediate future. While some believe that the recent price uptick signals a resumption of the bullish market, potentially leading to even greater price increases, others interpret it as merely a brief technical correction, implying a possible price decline later on.
Ethereum (ETH) Price Market Analysis
Ethereum currently sits just above $3,500, closely following the 100-hour moving average. Significant levels of resistance lie at $3,650, $3,725, and $3,780. A break past $3,800 could trigger a price increase for Ethereum.
If Ethereum fails to surpass the $3,600 mark, there’s a chance it might experience a decrease in value. At around $3,520, there is likely a support level, while the most robust one is around $3,500. Should Ethereum continue dropping, it could encounter resistance at the $3,400 region.
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2024-04-11 15:36