Ethereum (ETH) Skyrockets in Massive Whale Transactions Amid Price Recovery

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Written By Maya Cantina

Thu, 11/04/2024 – 8:12

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The price of Ethereum, the main altcoin of the crypto market, has experienced a real roller coaster ride over the past 24 hours. Thus, after yesterday’s dump, which liquidated tens of millions of dollars worth of positions in just an hour, the price of Ethereum fell by 3.1% at one point, reaching $3,411. 

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Then, however, there was a rebound, and a little more than 20 hours later, ETH is trading at $3,591, showing a 5.3% gain from yesterday’s bottom.

Amid these dramatic price swings, a flurry of activity from crypto whales, the most prominent players on the market, has caught the attention of analysts. Thus, Spot On Chain reported a massive deposit of 9,000 ETH, worth $32 million, by a whale known as “0x347” on Binance, marking the largest ETH deposit by the entity to date. Currently, “0x347” holds 29,738 ETH, approximately valued at $106 million, with an estimated profit of $68.5 million.

On the other hand, reports from Lookonchain revealed substantial purchases by a whale, acquiring 10,309 ETH valued at $35.82 million during the market dip. This whale also made another hefty investment before Bitcoin’s surge on April 8.

The conflicting actions of these major players reflect divergent opinions regarding Ethereum’s short-term trajectory. While some view the price recovery as a bullish continuation of the trend, others speculate it might merely be a technical rebound. As ever with the market on edge, Ethereum remains a focal point of speculation and intrigue.

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