Ethereum
$41 million in Ethereum (ETH) in 24 hours, what’s happening?
Mushumir Butt
Whale Transferred a Significant Amount of ETH to Binance
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A giant Ethereum (ETH) whale has just stunned the community with a sudden move. This development is notable because it comes at a time when ETH has seen a slight increase in its price. As the market expects further gains from the leading altcoin, this whale has sparked speculation within the community.
According to Whale Alert, an Ethereum whale has transferred 12,215 ETH to the Binance cryptocurrency exchange. The transfer is estimated to be worth around $41.2 million. The ETH community is worried about this move as it seems that the whale is going to sell these coins.
For those who don’t know, crypto whales Whales keep their holdings in their private wallets when they plan to hold the coins. However, they move some of their holdings to a trading platform when they have decided to sell them. In the case of Ethereum, it is clear that the whale has decided to sell its ETH holdings.
While the exact reason for this sale is not known at the moment, it is likely that the whale is booking profits. As mentioned above, the price of ETH has surged today, so the whale may have decided to book profits. But this is just a hypothesis. There may be other reasons, such as a strategic allocation of coins or using ETH to buy other coins.
Ethereum Price Nears $3,500
Ethereum price has surged 3.61% to $3,378.74 in the last 24 hours. While this is not a major bullish move, the move is crucial as ETH has been in a consolidation phase for the past few days. With today’s bullish trend, it is likely that ETH will attempt to reclaim the $3,500 mark in the coming days.
Additionally, ETH price is currently above its 200-day simple moving average (SMA). indicator shows that the leading altcoin has remained in a broader uptrend. This bullish sentiment is reinforced by the recent approval of spot Ethereum ETFsThis huge development is a strong signal of Ethereum’s bullish outlook in the broader scenario.
About the Author
Mushumir Butt
With over three years of experience in the cryptocurrency industry, Mushumir is a seasoned author dedicated to understanding the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical knowledge and communicative flair to the crypto space. Having authored countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and those new to the cryptocurrency space.