Ethereum
$46 Million in Ethereum (ETH) on the Move, What’s Happening?
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An Ethereum (ETH) whale moved a significant amount of ETH earlier today. According to the latest data from Whale Alert, the whale moved 14,815 coins to crypto trading platform OKX. The transfer is estimated to be worth around $46.6 million based on the current price level.
The whale appears to be reducing its ETH holdings, and this move is suspected to be a massive selloff. This comes at a crucial time as the Ethereum price is looking to start a recovery after the recent market drop. Therefore, the community is concerned about whether this massive selloff can stop the price recovery.
It is true that significant transfers of crypto whales can have an impact on the market. If it is a massive sell-off, it can inject bearish sentiment into the market. In the case of ETH, the whale is expected to reduce its holdings. This move can give control back to the bears and halt the uptrend. However, the impact of such sell-offs is not expected to be felt in the long run.
Ethereum Price Dynamics
Amid this latest move, the price of Ethereum is looking at a potential recovery. According to CoinMarketCap, the price of ETH is currently trading at $3,149. This comes after a notable jump of 1.55% over the last 24 hours. While the price is still down 10.7% over the past month, today’s increase indicates the start of a potential recovery.
Another positive indicator ETH is currently trading above its 200-day EMA and SMA. This is a major bullish sign as it shows that the leading altcoin has remained bullish in the long term. This means that Ethereum price is not in a bearish phase and has the potential to recover its recent losses.
Despite today’s massive whale selloff, Ethereum doesn’t seem to be facing any major selling pressure. Additionally, other major players have been buying the recent price dips. For example, Justin Sun acquired a significant amount of ETH earlier today. Overall, the general outlook for the coin remains bullish.