Ethereum

Momentum

Million

April

<p>After taking a dip under the $3,000 level soon after the Israel-Iran conflict escalated, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener noreferrer nofollow">Ethereum price</a>&nbsp;has given a good bounce back surging past the $3,150 level as of press time. This strong bounce back in ETH comes as whales scoop up major supplies from exchanges while buying the dips.</p>
<h3 id="ethereum-whale-scoops-50-million-worth-of-eth">Ethereum Whale Scoops $50 Million Worth of ETH</h3>
<p>Citing <a href="https://t.co/R43ImnYb5H" target="_blank" rel="noopener noreferrer nofollow">data</a> from Etherscan, on-chain data provider Lookonchain has observed a substantial withdrawal of Ethereum (ETH) from Binance, linked to a wallet associated with Matrixport. The withdrawal, totaling 16,300 ETH equivalent to $51.1 million, occurred just 20 minutes ago.</p>
<p>This recent transaction adds to a series of withdrawals from exchanges by the same wallet since March 29. In total, the wallet has withdrawn 67,286 ETH, amounting to $228.33 million, with an average price of $3,393.5 per ETH. These consistent withdrawals indicate significant movement of Ethereum by Matrixport, suggesting potential strategic maneuvers in the cryptocurrency market.</p>
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <p lang="en" dir="ltr">A wallet related to <a href="https://twitter.com/hashtag/Matrixport?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Matrixport</a> withdrew 16,300 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($51.1M) from <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> again 20 mins ago.</p>
 <p>This wallet has frequently withdrawn <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> from exchanges since Mar 29, withdrawing a total of 67,286 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($228.33M) at an average price of $3,393.5.<a href="https://t.co/R43ImnYb5H" rel="noopener noreferrer nofollow">https://t.co/R43ImnYb5H</a> <a href="https://t.co/qmmzAxHzCV" rel="noopener noreferrer nofollow">pic.twitter.com/qmmzAxHzCV</a></p>
 <p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1779711087514161370?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">April 15, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Another mega whale (address: 0xE3477C73E4733D48306A955044E1fAefC649C08F ) acquired 1,000 ETH, valued at $3.15 million, from Binance during the market downturn. This latest purchase adds to their total accumulation of 8,300 ETH, amounting to $25.12 million, since the market experienced a decline.</p>
<h3 id="eth-price-momentum-to-continue-on-upside">ETH Price Momentum to Continue On Upside?</h3>
<p>During the initial price retracement from the monthly peak of $3,700 on April 8, long-term holders offloaded more than 55,368 ETH, equivalent to around $204 million at the time, which had remained untouched for 180 days.</p>
<p>However, during the market dip on Friday, April 11, the dormant supply in circulation (180d) only amounted to 31,165 ETH, valued at approximately $101.4 million.</p>
<p>Between the two weekly extremes in ETH price, <a href="https://coingape.com/four-ethereum-whales-dump-106-million-worth-eth-sub-3000-eth-price-soon/" target="_blank" rel="noopener noreferrer nofollow">Ethereum long-term investors</a> have decreased their selling pressure by $104 million. This reduction in selling pressure may have a favorable impact on Ethereum’s price dynamics in the upcoming days for several reasons.</p>
<p>Investors need to closely watch this recent bounce-back with bulls aiming to scale back the ETH price to $3,200 and above in order to confirm the uptrend.</p>
<p>Last week, reports suggested that Hong Kong would be approving the <a href="https://coingape.com/hong-kong-approve-bitcoin-ethereum-etf-monday-bloomberg/" target="_blank" rel="noopener noreferrer nofollow">spot Ethereum ETF</a> today, April 15. There’s yet some official confirmation required on this matter. This could prove to be an additional catalyst driving the ETH price higher.</p>
<p>The post <a href="https://coingape.com/ethereum-price-up-7-as-whale-scoops-50-million-worth-of-eth-from-binance/" rel="noopener noreferrer nofollow">Ethereum Price Up 7% As Whale Scoops $50 Million Worth of ETH from Binance</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.</p>

Ethereum Price Up 7% As Whale Scoops $50 Million Worth of ETH from Binance

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