Ethereum
Ethereum poised for strong performance in second half of 2024 despite early struggles
Despite Ethereum After a poor year-to-date performance, Coinbase analysis suggests a bullish outlook for the second half of 2024. The potential approval of an ETH SPOT ETF, which has a 30-40% chance of adoption , is an important factor.
Even if the ETF is rejected, there is a high probability that a lawsuit will overturn the decision, increasing optimism for Ethereum’s future.
2024.04 $ETH 400 billion dollars 24 dollars 5043 ETH（还有 3400 ETH）, 2,635 万美金🤓
Exchange rate 1.24, rate of 8,454 ETH to 1,750 USDT; https://t.co/zYb4luH9vV https://t.co/XyszypU5T9 pic.twitter.com/443K0Wy0J3
– Ai 姨 (@ai_9684xtpa) May 18, 2024
Currently trading above the $3,000 mark, Ethereum has seen substantial activity from major investors.
On-chain data reveals that a whale, which has already lost over $4 million, purchased 5,043 ETH (including a principal of 3,400 ETH) in the last 24 hours, for a total of 26.35 million of dollars.
This investor’s health level remains stable at 1.24, with 8,454 ETH pledged and 17.5 million USDT borrowed.
Ethereum Whale withdraws a significant amount from Gemini
In one notable transaction, a new wallet created over 27 hours ago withdrew 1,870.68 ETH (worth $5.7 million) from Gemini. The wallet owner then used these funds to purchase 6 million ONDO tokens at an average price of $0.95 over the past few hours.
Someone created a new wallet 27 hours ago and withdrew 1,870.68 $ETH($5.7 million) #Gemini.
Then he spent the 1,870 $ETH($5.7 million) to buy 6 million $ONDO at an average price of $0.95 over the last 27 hours.
Does this guy know something we don’t?https://t.co/3ZQ6s6SnVM pic.twitter.com/G1udIF8Mhw
– Lookonchain (@lookonchain) May 17, 2024
Increased whale activity and large transactions indicate growing confidence in Ethereum’s potential.
As the market anticipates the outcome of the ETH SPOT ETF decision, these large-scale moves suggest that investors are positioning themselves for a possible uptrend in the coming months.
The combination of regulatory developments and substantial on-chain investments highlights Ethereum’s resilience and its potential for strong performance in the second half of 2024.
Disclosure: This is not trading or investment advice. Always do your research before purchasing any cryptocurrency or investing in any service.
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