Crypto News

Ethereum Faces Volatility As Prices Fluctuate, Some Notable Whale Sell-off To Monitor 

Recent movements in Ethereum’s price have showcased a volatile trend, with the cryptocurrency dipping below key support levels of $3,000 and $2,920, and currently trading at $2,944.

Insights from @intotheblock reveal that 1.38 million addresses collectively purchased 1.33 million ETH, amounting to $3.9 billion, at an average price of $2,984.

These addresses are currently facing losses and may potentially exert selling pressure once their positions break even.

Additionally, notable sell-offs by four whales have been observed:

– Address 0x7102 sold 16,597 ETH, valued at $48.7 million, at $2,934 on a decentralized exchange (DEX).

– Address 0x702a offloaded 8,040 ETH, amounting to $23.89 million, across DEX and Binance.

– Address 0x9017 deposited 4,809 ETH, valued at $14.28 million, to Kraken.

– Address 0x7485 deposited 4,688 ETH, amounting to $13.928 million, to Binance.

Fresh Notable ETH Accumulation Despite The Sell-offs

Despite these sell-offs, reports indicate fresh accumulations in the market. Notably, the whale address 0x7a9 withdrew an additional 25,104 ETH, equivalent to $74 million, from Binance at an average price of $2,950 within the past 24 hours.

Since February 8, this whale has purportedly acquired 138,070 ETH, valued at $391 million, at an average price of $2,829. These acquisitions include:

– Withdrawing 99,538 ETH, worth $281 million, from Binance and HTX.

– Purchasing 38,531 ETH with 110 million USDT on 1inch.

The estimated unrealized profit from these transactions stands at $21.57 million, reflecting a gain of 5.5%.

As Ethereum navigates through these fluctuations, investors and analysts closely monitor the market dynamics, evaluating both buying and selling activities to anticipate potential trends in the cryptocurrency’s price trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: bizoon/123RF // Image Effects by Colorcinch

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