Ethereum Price: Whales Move 150K Coins Amid ETH Retreat, What’s Next?

Ethereum (ETH), the second largest cryptocurrency by global market cap, has once again turned heads across the broader crypto market. With a highly turbulent price action illustrated in the past 24 hours, the token appears to have ignited a flurry of whale activity, per on-chain data hovering over the crypto horizon.

Over 150,000 ETH tokens were noted to be moved to and fro exchanges in the past 24 hours, nabbing significant attention among crypto market participants. This has in turn sparked a flurry of speculations on the token’s future price movements.

Ethereum Whales Echo Buzz With Massive Transfers

Riding along Ethereum’s monthly price correction, these whale transactions have stirred mixed market sentiments on ETH’s price trajectory ahead. According to the data streamlined by Whale Alert, a blockchain tracker, 151,593 ETH was noted to have been shifted by whales in the past 24 hours.

The transactions illustrated massive ETH dumps and accumulations in hand, hinting that while some large-scale investors trusted the asset’s future, others potentially saw a chance to offload the token. This could possibly be fueling Ethereum’s turbulent price trajectory over the past day.

Meanwhile, another on-chain tracker unveiled that a Smart Money, going by the address 0x493, deposited 1,700ETH, worth $5.13 million, to Coinbase, adding to the intrigue. Smart Money addresses are investors who consistently realize significant gains in the crypto market. Whereas, the addresses’ dump has further fueled speculation over a potential waning price trajectory for Ethereum ahead.

3 hours ago, a smart money 0x493 just deposited 1,700 $ETH (~$5.13M) to #Coinbase.

10 months ago, he accumulated 12.96k $ETH with avg entry $1,870 and earned $1.95M.

Just now, his wallet still has 3,743 $ETH (~$11.33M)

His address:https://t.co/QfWOt5Patn pic.twitter.com/PC1ds31aDW

— The Data Nerd (@OnchainDataNerd) May 8, 2024

Also Read: Grayscale GBTC Outflows Resume As Fed Official Hints At Keeping Interest Rates High

ETH Price Slips

As of writing, ETH’s price has fallen 1.85% in the past 24 hours and is currently trading at $3,008. The token’s market cap tumbled 1.86%, followed by a 16.90% dip in 24-hour trading volume.

Coinglass data showcased a marginal 0.12% jump in ETH’s open interest, whereas derivatives volume plunged 24.19%. This could also be driving Ethereum’s recent turbulent price action.

Further, as the cloud of regulatory uncertainty shrouds Ethereum’s future as a security and, thus, a potential ETH ETF, the token primarily deals with the blow of market challenges. A dip below $3K again would not come as a surprise for investors. Nonetheless, an optimistic future for altcoins potentially awaits as the post-BTC halving rally has yet to kick in.

Also Read: XRP Lawsuit: Ripple CLO Slams SEC’s Filing of the Remedies Reply, All Details

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