Ethereum Rebounds Above $3,150 After Binance Whale Activity

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Ethereum‘s price took a short dip under $3,000 because of the Israel-Iran conflict, but it quickly rebounded, reaching over $3,150 again. This rise in price is driven by large investors, called whales, purchasing large quantities of ETH during price drops from exchanges.

Approximately 16,300 dollars worth of ETH (equivalent to around 51.1 million dollars) was recently taken out from Binance by a wallet connected to Matrixport. This has been a recurring pattern for this wallet in withdrawing ETH from exchanges since March 29th, with a grand total of 67,286 ETH (around 228.33 million dollars) withdrawn at an average price point of 3,393.5 dollars per ETH.— Lookonchain (@lookonchain) April 15, 2024

A significant transfer of Ethereum occurred when 16,300 ETH, equivalent to around $51.1 million, was taken from Binance and sent to a wallet associated with Matrixport. This withdrawal follows previous ones totaling 67,286 ETH, or approximately $228.33 million, withdrawn since March 29. These transactions suggest deliberate actions in the crypto market.

During the market slump, yet another significant entity purchased 1,000 ETH, equivalent to approximately $3.15 million, expanding their existing Ethereum stash of 8,300 ETH or around $25.12 million in value.

Long-term investors made some adjustments to their Ethereum holdings. They disposed of approximately $204 million worth of ETH during the peak, but only about $101.4 million worth was sold during the recent dip from previously untouched reserves.

Reducing selling pressure by $104 million between extreme prices might improve Ethereum’s price direction in the coming days. This could be particularly significant if buyers can drive the price over $3,200.

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2024-04-15 09:08