As a seasoned researcher with over two decades of experience in financial markets, I have seen my fair share of market fluctuations and whale activities. The recent surge in Ethereum’s price, coupled with significant transactions by whales, has stirred a sense of deja vu within me.
As a crypto investor, I’ve noticed a significant surge in Ethereum‘s price today, which is quite encouraging. However, the recent large-scale selling of Ethereum (ETH) by major investors, often referred to as “whales,” has sparked some unease within the market. To the tune of approximately $60 million, these big players have been offloading their ETH on platforms like Binance and Coinbase. This action could potentially signal that the cryptocurrency market might face some stress in the days ahead, a possibility that’s causing some concern among us investors.
A notable digital whale connected to the Ethereum wallet “0x435…913ab” moved 10,000 ETH (equivalent to around $26.1 million) to Binance. Simultaneously, another major player linked to the wallet “0x968…3c625” shifted 12,675 ETH (around $33.10 million) towards Coinbase. These significant transactions have sparked discussions and anticipation about potential market drops.
Although Ethereum’s price has spiked recently, there is caution surrounding its immediate future. Notably, crypto expert Peter Brandt identified a completed five-month rectangle formation and a rising wedge on Ethereum’s short-term chart.
He suggests a drop in price to $1,651 if these patterns play out – a decrease from current levels. Brandt acknowledges that such patterns are more unreliable than half of the time, emphasizing the nature of this prediction.
Additionally, he stated that should Ethereum’s value exceed $2,961, he intends to sell off his holdings, indicating a shift in strategy. The feelings of investors are mixed as the price of Ethereum remains fluctuating at various points.
Investor sentiment is varied with Ethereum’s price fluctuating around key thresholds. The cryptocurrency has recently increased by 1.72% to a value of $2,609.
On the other hand, the trading volume of Ethereum has dropped dramatically in the last 24 hours, down around 41% to reach $9.28 billion. This volatility, alongside substantial trades by large investors, is fueling intense discussions about Ethereum’s future market trend.
On another note, optimism surrounding the approval of an Ether exchange-traded fund (ETF) has boosted confidence in the market. Vance Spencer, one of Framework Ventures’ co-founders, recently shared his belief that an Ethereum ETF could attract half of the influx seen in Bitcoin ETFs.
Today’s rise in Ethereum’s price appears to align with the actions of its owners and a blend of market opinions, but the near future for this cryptocurrency is still unpredictable since experts and investors are keeping a close eye on price fluctuations and market patterns.
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2024-08-18 00:05