Ethereum

Strike

Foundation

Recently, a significant transaction involving Ethereum (ETH) was reported by Onchaindata. A whale withdrew 1,600 ETH, worth approximately $6.2 million, from Bybit and Cooper accounts. This notable movement was complemented by a second transaction involving $740,000 worth of ETH. These substantial transfers have caught the attention of the cryptocurrency community, raising questions about their potential impact on the market and the motives behind such large-scale movements. 
<h2 id="eth-whale-accumulation-driving-price-action">ETH Whale Accumulation Driving Price Action</h2> 
In the last few hours, there has been notable activity by Fasanara Capital, an investment fund based in England. The fund executed a massive transaction, transferring 1,600 ETH valued at over $6.2 million from <a href="https://coingape.com/tag/bybit/" target="_blank" rel="noopener">Bybit</a> and Cooper. Following this transaction, Fasanara Capital retains 5,383 ETH, worth approximately $20.16 million, in their wallets. Another significant movement involved an address associated with the Ethereum Foundation, <a rel="nofollow" href="https://app.mest.io/public/wallets/0x9d2d789725cd742e6f4e423cec33408598cc43b1" target="_blank">0x9d2…C43B1</a>, which transferred 200 ETH to Kraken, worth $740,000. 
This address was reactivated for the first time since April 28 after being dormant for six years, having initially received 2000 ETH from the Ethereum Foundation in 2015. Currently, it holds 1,029 ETH. These transactions have fueled speculation among ETH holders about the potential influence of whales on the recent price surge. The broader <a href="https://coingape.com/glossary/cryptocurrency/" target="_blank" rel="noopener">cryptocurrency</a> bull market and the buzz surrounding Ethereum ETF approval have also contributed to the rally, pushing ETH above $3,700. 
Also Read: <a href="https://coingape.com/ripple-news-cto-unveils-game-changing-tokenization-perks-heres-why-it-matters/" target="_blank" rel="noopener">Ripple CTO Unveils Game-Changing Tokenization Perks, Here’s Why It Matters</a> 
<h2 id="eth-price-jumps-over-2">ETH Price Jumps Over 2%</h2> 
The price of <a href="https://coingape.com/hashkey-capital-set-to-explore-spot-ethereum-etf-eth-rally-ahead/" target="_blank" rel="noopener">Ethereum (ETH)</a> has experienced a notable increase, reaching $3,754.99 today. This represents a 1.56% price increase over the last 24 hours and a significant 19.50% increase over the past seven days. Ethereum’s 24-hour trading volume stands at $13.9 billion, with a circulating supply of 120 million ETH, resulting in a market capitalization of $451 billion. 
Additionally, the <a rel="nofollow" href="https://www.coinglass.com/currencies/ETH" target="_blank">open interest</a> of the Ethereum (ETH) has surged by 2.95% in the past 24 hours, reaching a valuation of $12.1 billion. The Relative Strength Index (RSI) indicates bullish pressure, standing above the 50 level at 51.48 at the time of writing. These indicators suggest a continued upward momentum for Ethereum in the near term. 
Also Read: <a href="https://coingape.com/bitcoin-price-hit-1-mln-strike-ceo-jack-mallers-unveils-potential-timeline/" target="_blank" rel="noopener">Bitcoin Price To Hit $1 Mln, Strike CEO Jack Mallers Unveils Potential&nbsp;Timeline</a> 
The post <a href="https://coingape.com/ethereum-price-jumps-2-as-whales-move-6-9m-worth-of-eth-whats-next/">Ethereum Price Jumps 2% As Whales Move $6.9M Worth of ETH, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Jumps 2% As Whales Move $6.9M Worth of ETH, What’s Next?

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