Ethereum

bullish

when

Million

<figure>
 <figcaption>
 Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
A big Ethereum (ETH) whale has just stunned the community with a sudden move. This development is notable as it comes at a time when ETH has witnessed a slight surge in its price. As the market is expecting more gains from the leading altcoin, this whale has ignited speculation in the community.
According to Whale Alert, an Ethereum whale has&nbsp;<a href="https://x.com/whale_alert/status/1817820597465837998" rel="noopener noreferrer nofollow">transferred</a> 12,215 ETH to crypto exchange Binance. The transfer is estimated to be worth around $41.2 million dollars. The ETH community is showing concern over this move because it appears that the whale is going to sell these coins.
For those who do not know,&nbsp;<a href="https://u.today/365-billion-shiba-inu-shib-in-24-hours-catastrophic-results" rel="noopener noreferrer nofollow">crypto whales</a> keep their holdings in their private wallets when they plan to hold the coins. However, they move a portion of their holdings to a trading platform when they have decided to sell them. In Ethereum’s case, it is clear that the whale has decided to sell their ETH holdings.
While the exact reason behind this sell-off cannot be known right now, it is likely that the whale may be booking profits. As mentioned above, the ETH price has surged today, hence, the whale may have decided to book profits. But this is only an assumption. There may be other reasons, such as strategic allocation of coins or using ETH to buy other coins.
<h2 dir="ltr" id="ethereum-price-approaches-3-500">Ethereum price approaches $3,500</h2>
The price of Ethereum has surged 3.61% to $3,378.74 in the last 24 hours. While it is not major upward movement, this surge is crucial as ETH has remained in a consolidation phase in the last few days. With today’s uptrend, it is likely that ETH may try to reclaim the $3,500 mark in the coming days.
Additionally, the ETH price is currently above its 200-day Simple Moving Average (SMA). This&nbsp;<a href="https://www.tradingview.com/symbols/ETHUSD/technicals/?exchange=BINANCE" rel="noopener noreferrer nofollow">indicator</a> shows that the leading altcoin has remained in a broader bullish trend. Adding to this bullish sentiment is the recent approval of&nbsp;<a href="https://u.today/heres-why-ethereum-didnt-skyrocket-on-etf-launch" rel="noopener noreferrer nofollow">spot Ethereum ETFs</a>. This huge development is a strong signal of Ethereum’s optimistic outlook in the broader scenario.

$41 Million in Ethereum (ETH) in 24 Hours, What's Going On?

Table of Contents

U_Today

Другие статьи, опубликованные 29 июл. 2024 г.

Trump Pledges to Hold Bitcoin as Strategic Reserve Asset if Elected President

Can DOGE Price Surge 70% After Key Pattern Retest?

Bitcoin Price Surges to $70,079 Before Rapidly Reversing

Ethereum’s Path to Decentralization: Buterin’s Bold Response to Szilágyi’s Concerns

Shiba Inu price prediction: Why August could be risky for SHIB traders

Rho Markets Hit by $7.5M Hack, Attackers Demand Admission of Oracle Error for Fund Return

Join our free newsletter for daily crypto updates!