Ethereum Whale Moves 7,000 ETH After Months of Inactivity

News, Trending

Ethereum's Price Action: Can the Falling Wedge Lead to a Major Rally?

  • Ethereum Whale transfers 7,000 ETH to Kraken, stirring market speculation about potential price declines.
  • Whale still holds 30,070 ETH, valued at $54.4 million, leaving room for future market movements.
  • Ethereum’s price drops 7.85%, with 24-hour trading volume surging by 62.61%, reflecting market volatility.

An Ethereum whale, active during the ICO era, has made a significant move after five months of inactivity. Spot On Chain notes that the wallet which had remained dormant, transferred 7,000 ETH to the Kraken exchange. This transfer, worth approximately $12.94 million, occurred coinciding with a noticeable decline in Ethereum’s price. 

Whale Activity and Market Speculation

7,000 ETH became the topic of trader discussions as they believe these large movements typically indicate upcoming changes in market conditions. Significant movements of assets to trading platforms show the possibility of increased market sale pressure. The downward movement of Ethereum prices created additional speculation during the time this transfer occurred.

Although the whale transferred their Ethereum holdings, the wallet continues to maintain a notable quantity of Ethereum. The wallet holds a total of 30,070 Ethereum tokens, which currently trade at $54.4 million in value. Further wallet movements remain possible since the whale continues to hold large amounts of Ethereum.

Potential Impact on Ethereum’s Short-Term Trends

The crypto market remains volatile, and such large-scale transactions by whales often trigger short-term price movements. Traders are paying close attention to see if the whale will continue to move more assets in the coming days. The timing of this transfer has raised concerns that further sell-offs could follow, potentially deepening the price decline.

Tracking the current market movement, CoinMarketcap data indicates that the current value stands at $1,920.58. The price has dropped by 7.85% over the past 24 hours. Ethereum’s market capitalization is $231.63 billion, reflecting a similar decrease of 7.85%. The 24-hour trading volume is $38.92 billion, which has surged by 62.61%. 

Source: CoinMarketCap

Fluctuations were notable, with the price stabilizing at around $1,926.8. The market’s current volatility is evident as Ethereum’s price has seen notable drops within a short period as the volume-to-market-cap ratio reads at 17.14%

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