Ethereum

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/ethereum-whales-execute-major-transfers/" data-wpel-link="internal">Ethereum Whales Execute Major Transfers</a><br></p>
<p style="text-align: justify">Ethereum, the second largest cryptocurrency by <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">market</a> value and the largest altcoin, has once again made headlines. In the last 24 hours, the altcoin has experienced turbulent <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">price</a> movements, apparently sparked by a significant increase in whale activity according to on-chain data. Consequently, over 150,000 ETH moved between <a href="https://en.coin-turk.com/ftxs-valuation-soars-amidst-bankruptcy-proceedings/" data-wpel-link="internal">cryptocurrency exchanges</a>, leading to increased speculation about future price movements of the altcoin.</p> 
<h2 style="text-align: justify" id="strong-ethereum-whales-continue-large-scale-transactions-strong"><strong>Ethereum Whales Continue Large-Scale Transactions</strong></h2> 
<p style="text-align: justify">Throughout Ethereum’s monthly price correction, ongoing whale transactions have caused mixed market sentiments regarding ETH’s future price trajectory. According to Whale Alert, which publicly tracks major movements on blockchains, 151,593 ETH were transferred by whales in the last 24 hours.</p> 
<p style="text-align: justify">While some transactions indicate that some large-scale <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">investors</a> remain confident in the altcoin’s future, others suggest a potential inclination to sell. This situation seems to have fueled the turbulent price trend of ETH in the last 24 hours.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="aligncenter wp-image-348981" src="https://coin-turk.com/wp-content/uploads/2024/05/Altcoin-Ethereum-ETH-Akilli-Para.png" alt="" width="552" height="707"></p> 
<p style="text-align: justify">One of the most notable movements detected in on-chain data was a deposit of 1,700 ETH to the Coinbase exchange from a wallet address starting with 0x493, known as a smart money address. Smart money addresses are investors who consistently achieve significant gains in the cryptocurrency market.</p> 
<h2 style="text-align: justify" id="strong-eth-struggles-to-maintain-its-strength-strong"><strong>ETH Struggles to Maintain Its Strength</strong></h2> 
<p style="text-align: justify">As of this writing, the price of ETH has dropped by 1.85% in the last 24 hours and is currently struggling to stay above the critical support level of $3,000. Data reveals that the altcoin’s market value has decreased by 1.86% and its trading volume has dropped by 16.90% during the same period.</p> 
<p style="text-align: justify">Moreover, Coinglass data shows a 0.12% increase in open interest on the derivatives side for ETH, while its trading volume has decreased by 24.19%. This situation on the derivatives side could be triggering the recent turbulent price movements of the altcoin.</p> 
<p style="text-align: justify">Additionally, regulatory uncertainty about whether Ethereum could be classified as a security, and thus the likelihood of a spot Ethereum ETF not being approved in the U.S., is significantly increasing the pressure on the altcoin. Experts warn that it would not be surprising if ETH’s price falls below the $3,000 threshold.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/ethereum-whales-execute-major-transfers/" data-wpel-link="internal">Ethereum Whales Execute Major Transfers</a></h5>

Ethereum Whales Execute Major Transfers

Table of Contents

COINTURK NEWS

Other articles published on May 8, 2024

Autochartist Enhances Crypto Trading with Marketo Integration: A New Era for Bitcoin (BTC) and Et...

U.S. SEC Files Final Reply in Ongoing Ripple Lawsuit

WLD Coin’s Recent Price Surge

New Cryptocurrency Releases, Listings, & Presales Today – Replay, Xelis, Zydio AI, Hide Coin

Revolutionary Shift in Crypto Sphere: Bybit Incorporates Ethena’s USDe (ETHNA) into Its Platform,...

Cathie Wood’s Ark Invest Sells 70.6K Coinbase Shares, COIN Stock Retreat

Join our free newsletter for daily crypto updates!