- Ethereum’s bull rally came to an abrupt halt as whales moved $136 million of ETH to exchanges, sparking fears of a price drop.
- Despite ETH’s recent decline to $2,350, the cryptocurrency still exhibits volatile market behavior, maintaining positive weekly gains of over 3% and significant monthly surges of 14%.
recent upward trend Ethereum (ETH) The price came to a sudden halt as the cryptocurrency faced losses after a significant bounce, sparking concern among traders on Friday, December 29, 2023. Following a strong run that saw ETH price rise above a key milestone of $2,445, the cryptocurrency quickly retraced its steps and hovered. Currently around $2,350.
Whale Migration: $136 Million ETH Flood Exchange
Whale Alert, a platform that tracks large-scale cryptocurrency transactions, reported significant Ethereum whale activity following the recent price surge. Over the past 24 hours, the whale has executed three significant transactions, offloading a total of $136 million worth of ETH to various exchanges.
The most recent transaction, which occurred about four hours ago, involved the transfer of 10,000 ETH worth $23.26 million from an undisclosed wallet to Gate.io. In another notable case, 14,612 ETH worth $34.11 million was transferred to Coinbase from an unreported source. The largest transfer totaling 33,400 ETH, worth $78.81 million, was recorded 15 hours ago from an unconfirmed wallet to Binance.
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Ethereum price movements and market data
As of press time on Friday, ETH was trading at $2,353.05, down 1.19%. Despite the recent decline, Ethereum hit a 30-day high of $2,445.02 on December 28. The cryptocurrency has posted a 3% gain over the past week, following its previous bullish surge.
The second-largest cryptocurrency has outperformed the market, rising an impressive 14% over the past month. TradingView’s technical analysis shows ETH trading well above the 50-day exponential moving average (EMA) of 2156.90, suggesting a bullish mood despite the recent decline. Meanwhile, the relative strength index (RSI) remains neutral at 59.5.
At the time of reporting, Ethereum’s market capitalization was down 1.18% to $282.79 billion. There was also a notable decline in 24-hour trading volume, down 22.32% to $13.6 billion.