- Ethereum’s whale transactions hit a six-week high, coinciding with a price drop to $2,380 and a 51.86% increase in trading volume.
- Ethereum recorded 6,428 new wallet creations in a day, indicating growing interest from both new and existing investors.
- Technical indicators remain mixed, with the MACD bearish and RSI at 43.73, reflecting uncertainty among traders about price recovery.
Ethereum recently experienced a significant surge in whale transactions, reaching a six-week high. The increase in large transactions coincided with Ethereum’s price drop to $2,380 on Friday.
Consequently, this surge in trading activity suggests a potential shift in market dynamics. Whale transactions, which involve trades exceeding $100,000, have spiked, hinting at growing interest among major investors. According to data from Santiment, this rise in high-value transactions aligns with Ethereum’s recent price movements.
Increased Volatility Driven by Whale Activity
Notably, the increase in whale transactions has brought volatility to Ethereum’s market. Large trades have contributed to fluctuating price movements, leading to the appearance of substantial candlestick shifts on the price chart.
As a result, Ethereum’s market saw a 51.86% jump in trading volume, reaching $23.74 billion. This increased market activity has left investors and analysts paying closer attention to potential trends. The rise in whale transactions indicates a possible shift in the balance of buying and selling pressure in the market.
Additionally, alongside the increase in whale transactions, Ethereum also saw a notable uptick in new wallet creation. The network recorded 6,428 new wallets generated in a single day, reflecting increased interest from both new and existing market participants.
More so, this growth in new wallets occurred alongside the heightened whale activity, suggesting that broader crypto trends or upcoming Ethereum network developments could be driving interest in the cryptocurrency. The surge in new wallet creation signals growing confidence among retail and institutional investors, even as Ethereum’s price remains volatile.
Price Settles Amid Mixed Technical Indicators
Intriguingly, following a day of heightened market activity, Ethereum’s price settled at $2,455.37, marking a 1.50% decrease over the last 24 hours. Earlier in the day, the price briefly touched near $2,500 but faced resistance before retracting and eventually stabilizing.
Furthermore, technical indicators paint a mixed picture of Ethereum’s momentum. The MACD remains bearish, with the MACD line at -16.51 below the signal line at 6.25. This indicates caution among traders, reflecting their uncertainty about a potential recovery.
Moreover, the Relative Strength Index (RSI) stands at 43.73, which is below the neutral 50 mark. This reading suggests a mildly bearish sentiment, though Ethereum is not yet in oversold territory.
The post Ethereum Whale Transactions Reach 6-Week High Amid ETH Price Drop Below $2,400 appeared first on Crypto News Land.
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