Ethereum

In the ongoing Iran-Israel conflict, the overall cryptocurrency market has been impacted, and a significant <a href="https://news.todayq.com/nearly-billion-dollars-wiped-out-in-crypto-liquidation-heres-how/" rel="noopener noreferrer nofollow">price drop</a> has also been observed in the top cryptocurrencies. Recently, an on-chain analytic firm, LookOnChain, made a post on X (previously Twitter) that a crypto wallet related to Matrix port, a crypto financial services platform, withdrew a massive 16,300 Ethereum worth $51.1 million.&nbsp; Massive $228.33 million Ethereum accumulation 
The term “withdrew” in the crypto landscape means accumulation. According to theLookOnChain post on X, this massive $51.1 million Ethereum withdrawal took place on the world’s biggest cryptocurrency exchange, Binance. Additionally, the firm also added that the same wallet has continuously accumulated Ethereum since March 29, 2024, and to date, it has accumulated a massive 67,286 Ethereum worth around $228.33 million. However, the average price of this massive Ethereum is $3,393.5. 
This massive accumulation shows whales as well as big institutions are trying to get the benefits of the price drop amid this ongoing conflict. However, one more reason behind this massive accumulation is the potential approval of Spot Ethereum ETF (Exchange Traded Fund) and the upcoming Bitcoin Halving. According to experts, there is a high probability that the overall cryptocurrency market will surge following the completion of the Halving event.
Currently, Ethereum is trading near $3,240, and in the last 24 hours, it experienced a massive 5% upside momentum. If we look at the performance of Ethereum over a longer period, in the last 7 days, due to previous price correction and the recent Iran-Israel conflict, Ethereum experienced a massive 5% downside momentum, whereas, in the last 30 days, Ethereum’s price has dropped by nearly 14%. Ethereum’s technical analysis and key-level 
According to expert technical analysis, Ethereum’s price in the last 2 days recovered more than 11%. Additionally, it also came into its previous consolidation zone. If this issue doesn’t increase, then there is a high chance that the Ethereum price will hit $3,650. However, during the price fall, Ethereum nearly touched its 200 EMA (Exponential Moving Average) and is currently trading above that, which shows it is still bullish. Source: TradingView 
Besides Ethereum, the overall majority of cryptocurrencies are also recovering and moving towards their previous levels. In the last 24 hours, the overall cryptocurrency market gained 3.5%, and the market cap reached $2.4 trillion. But there is still fear in the market as the 24-hour trading volume is down by 32%, and it currently stands at $115 billion.

Matrixport pulls $51 mln ETH from Binance, What’s next?

Todayq News

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