As an experienced analyst, I’ve closely followed Ethereum’s price action and on-chain activity for quite some time. The recent optimism in the Ethereum market with its recovery to $3,100 was a promising sign, indicating potential gains ahead. However, the notable activity of Ethereum whales cannot be ignored, as it can put short-term pressure on the ETH price.
Last week, Ethereum‘s price displayed signs of positivity, bouncing back up to $3,100 and looking forward to potential growth. Yet, the current behavior of major Ethereum investors, or “whales,” could temporarily impact the ETH price negatively.
Long-term Ethereum investors, or “whales,” have been actively engaging in on-chain transactions, indicating possible market changes. One significant whale, with the wallet address 0x7f1, transferred 15,000 ETH, equivalent to approximately $45.98 million at a price of $3,065 per ETH, to Kraken exchange.
As a crypto investor, I’ve noticed that this recent transaction has generated some buzz in the Ethereum community about its potential impact on the cryptocurrency’s price. Some investors are optimistic and view Ethereum as a solid investment with long-term growth potential. On the other hand, others see this as an opportunity to make profits by buying or selling based on the current market fluctuations.
It’s intriguing to note that the very same whale executed a transaction to withdraw 120,874 ETH from Kraken back in early September 2022, at an average price of $1,645. Currently, this whale is in possession of 105,874 ETH, which translates to a staggering value of around $326 million. This profitable move has resulted in a total gain of approximately $173 million for the whale, equating to an impressive 87% increase in value.
Giant whale 0x7f1 deposited 15,000 $ETH (45.98M) to #Kraken at $3,065 4 hours ago.
The whale withdrew 120,874 $ETH from #Kraken at only ~$1,645 in early Sep 2022,
And now still holds 105,874 $ETH ($326M) with a total profit of $173M (+87%)!
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— Spot On Chain (@spotonchain) May 20, 2024
The Ethereum Price Action Ahead
According to Ethereum’s technical chart, the second-largest cryptocurrency is presently following a bearish trend, forming a channel pattern with a downward slope. At the moment, it’s attempting to break through the channel’s resistance line.
Should Ethereum surpass its current channel on a daily basis, there’s a potential for a 5% upward trend towards $3,300 within the near future. Conversely, if Ethereum cannot exceed this pattern, there exists a risk of a downward shift to around $2,900.
As a researcher analyzing market data from CoinGlass, I’ve noticed that Ethereum’s open interest has decreased by approximately 1.55%. This decline is relatively small compared to the substantial decrease of over 50% in Ethereum’s options volume.
The shifts in Ethereum’s trading patterns might be a factor in its price fluctuations. At present, the Relative Strength Index (RSI) stands at 57.35, suggesting increasing optimism among traders, potentially leading to a price increase for Ethereum in the short term.
As the cryptocurrency market at large looks forward to the revival of altcoins in the wake of the Bitcoin halving, Ethereum stands out as a prime contender to capitalize on emerging market dynamics.
The upcoming week marks an important milestone in the Ethereum (ETH) ETF application process, with key deadlines looming for VanEck and Ark Invest/21Shares. Specifically, May 23 is the date of significance for VanEck, while May 24 is the crucial day for Ark Invest/21Shares.
As an analyst, I’ve noticed some recent trends that are worth sharing. For instance, ETHBTC has risen to levels last seen in February 2021. Additionally, the options market seems to be showing lackluster interest. These observations suggest a possible expectation for a rejection of further price increases and a non-event scenario surrounding the upcoming Ethereum ETF launches.
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2024-05-20 15:10