Ethereum Price: Whale Offloads 10k Coins Amid ETH Price Dip, What’s Next?
Ethereum's price is currently $3,489.38, with a 24-hour trading volume of $5.1 billion.
Ethereum (ETH), the world's second-largest cryptocurrency, has once again caught the spotlight in the broader crypto market. Over the past 24 hours, ETH has seen highly turbulent price action, sparking significant interest and activity among major investors, known as whales. According to on-chain data, more than 9,000 ETH tokens have been transferred to Coinbase in the past four hours, drawing the attention of many market participants.
Ethereum’s Whale Activity and Market Speculation
The recent price recovery of Ethereum within the last four hours is noteworthy. On-chain data reveals that a whale, identified as 0xe61, deposited 9,553 ETH, valued at over $33.4 million, into Coinbase. This large transaction has led to widespread speculation about the future direction of ETH’s price.
Given the recent dip in Ethereum’s value, some believe the whale might be selling off to reduce potential losses. Currently, Ethereum’s price stands at $3,489.38, with a 24-hour trading volume of $5.1 billion. This represents a -1.17% price decline over the past 24 hours and a -1.85% decline over the past seven days. With a circulating supply of 120 million ETH, the total market cap is valued at $426.7 billion.
Additionally, Ethereum’s open interest has decreased by 2.5%, reaching a valuation of $11.5 billion. Despite these declines, the ETH price is sustaining above the $3,400 mark. Key indicators suggest that a price reversal might be imminent, including a relative strength index of 43.70, indicating increased selling pressure.
Indicators of a Potential Price Reversal
Several indicators point toward a potential price reversal for Ethereum:
Increase in Active Addresses: Active Ethereum addresses have reached a three-month high of 617,170. This is a positive sign, indicating growing user engagement and network utilization.
ETH/BTC Trading Pair: The ETH/BTC trading pair remains above the crucial 0.05 BTC level, according to market analyst Michaël van de Poppe. This is an important threshold for market analysts.
Spot Ethereum ETFs: Prominent financial firms, including BlackRock, Fidelity, Grayscale, and VanEck, have submitted S-1 amendments to the SEC, showing their commitment to launching Spot Ethereum ETFs. The potential approval of these ETFs could bring significant institutional investment into Ethereum.
Bloomberg analyst Eric Balchunas has noted the competitive pricing of these ETFs, with VanEck's fees at 0.20%, which could pressure BlackRock to keep their fees under 30 basis points (bps). These combined factors suggest that Ethereum could be on the verge of a significant price reversal. Investors are advised to closely monitor these developments as they could present substantial opportunities in the near future.
