Ethereum
Whales Move 36,000 ETH as Price Regains Momentum, What’s Next?
Despite a weekly pullback in Ethereum’s price trajectory, the world’s second-largest cryptocurrency by global market capitalization has once again attracted the attention of investors. Today, May 3, Ethereum price not only regained upward momentum but also surpassed the significant $3,000 mark, a positive development that has reinvigorated the market, instilling a sense of optimism to investors.
This upward trend, coupled with a considerable increase in whale activity, has sparked a wave of interest around the token’s future price movements. Nearly 36,000 ETH was transferred over the past day as whales dropped and bought and bought the so-called “eternal rival of Solana” token in hand.
ETH Whale Activity: A Closer Look
Information from on-chain analytics platforms reveals that a total of 36,762 ETH was moved over the past day. Notably, whale 0xf83c… made a major move by transferring 25,772 ETH to Coinbase Institutional, a leading player in the crypto industry. In contrast, whale 0x0b4… acquired 10,990 ETH from Coinbase during the same period, exhibiting contrasting strategies.
These transactions, coupled with Ethereum’s recent turbulent price action, have triggered mixed feelings within the broader crypto market. While one whale continued to buy the token amid a broader market decline, the other whale sold colossal amounts of the same token, highlighting bearish sentiment amid a broader market decline. The Status of ETH as a Security saga.
Nonetheless, the upward movement in the price trajectory at the time of the release tipped the scales more towards the optimistic side.
Read also: Jack Dorsey Block Increases Bitcoin Bet with 10% Reinvestment of Winnings
ETH price jumps
At the time of writing, The price of Ethereum jumped 3.08% in the last 24 hours and currently stands at $3.001. The token is witnessing a high price flow movement at the $3,000 mark, with its monthly charts depicting a consolidation phase.
Crypto market enthusiasts continue to closely monitor the token for further changes in price action as the security trial and post-BTC halving recovery remains poised for a impact on the dynamics of the token market.
It is worth noting that XRP, a token backed by Ripple Labs, has been on a slow price trajectory since entering into a legal battle with the American SEC. On the other hand, a rally after a halving usually results in a parabolic uptrend. altcoins Moreover, historical data suggests it, although it is not always a guarantee of future price movements.
Read also: Michael Saylor attacks Ethereum as security, disapproves of spot ETF