Ethereum’s price rises 2% following $6.9M whale transactions. Discover how these moves impact ETH’s market and future dynamics.
Onchaindata has recently reported a notable transaction involving Ethereum (ETH).
A whale withdrew 1,600 ETH from the accounts of Bybit and Cooper, valued at approximately $6.2 million.
A second transaction worth $740,000 in ETH accompanied this notable activity.
The significant transfers have garnered interest from the cryptocurrency community, prompting inquiries into their potential market ramifications and the underlying motivations driving such extensive transactions.
ETH Whale Accumulation Driving Price Action
Over the past few hours, Fasanara Capital, an English-based investment fund, has been particularly active.
The fund transferred 1,600 ETH from Bybit and Cooper for a total value over $6.2 million in an enormous transaction.
Following this transaction, Fasanara Capital retains 5,383 ETH, worth approximately $20.16 million, in their wallets.
An additional significant move occurred at an address affiliated with the Ethereum Foundation, 0x9d2…C43B1, wherein 200 ETH, equivalent to $740,000, were transmitted to Kraken.
Following a six-year dormancy, this address was reactivated for the first time since April 28. In 2015, it had been endowed with 2000 ETH by the Ethereum Foundation.
It possesses 1,029 ETH at the moment. The transactions above have incited conjecture among holders of ETH regarding the possible impact of whales on the recent surge in price.
Additionally, the Ethereum ETF approval commotion and the broader bull market for cryptocurrencies have contributed to the rally, which has propelled ETH above $3,700.
ETH Price Jumps Over 2%
As of today, the value of Ethereum (ETH) has surged significantly, now standing at $3,754.99.
However, this signifies a substantial 19.50% increase in price over the previous seven days and a 1.56% increase over the last 24 hours.
With a circulating supply of 120 million ETH and a 24-hour trading volume of $13.9 billion, Ethereum has a market capitalization of $451 billion.
Furthermore, over the last twenty-four hours, the open interest of Ethereum (ETH) has increased by 2.95%, culminating in a current value of $12.1 billion.
As of this writing, the Relative Strength Index (RSI) is 51.48, above the 50 threshold and suggesting bullish pressure.
These indicators suggest that Ethereum will maintain its near-term ascent momentum.