Ethereum

Whales dive as $3,000 support wavers

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As Ethereumthe second largest cryptocurrency by market capitalization, has seen a rapid price decline, a fascinating development has emerged: Ethereum Whales began accumulating massive amounts of ETH, demonstrating strategic play in the face of uncertainty.

The term “whale” is used to describe individuals or entities that hold a significant amount of cryptocurrency, and their recent actions following a broader market downturn have sparked attention and speculation within the crypto community.

As Ethereum price fell to $2,850 on April 13, on-chain data captured a strategic accumulation made by an ETH whale or large holder.

According to Spot on the channelThe Ethereum Whale “0x435” spent 70 million USDC to buy 23,790 ETH as Ethereum fell to nearly $2,942.

Based on data from on-chain sources, the whale’s buying frenzy began a few days ago, when the price of ETH began to fall, and included withdrawals from Binance and decentralized exchanges .

On-Chain Analytics Company Lookonchain reports one such whale trade, which involved a withdrawal of 37,018 ETH worth $120.7 million from Binance.

The whale in question accumulated 60,808 ETH worth $191 million from Binance and DEX after each sharp decline in the past 24 hours and withdrew 62,141 ETH worth $202.6 million of Binance in the last five days.

Currently, the whale owns 85,931 ETH worth $278 million, as well as $136 million in USDT and USDC stablecoins in Aave.

The whale’s actions coincided with a broader trend of Ethereum accumulation by large holders. Another mystery whale, a new wallet labeled “0xE347,” allegedly withdrew 7,300 ETH worth $23.8 million from Binance and transferred it to Pendle Finance. A cVault.finance deployer paid 6 million DAI to buy 2,018 ETH for almost $2,973, according to Spot On Chain.

At the time of writing, ETH was down 6.05% over the past 24 hours at $3,060, up from the intraday low of $2,911, reflecting the broader crypto market crash. Ethereum fell for three consecutive days, falling from a high of $3,617 to a low of $2,850 on April 13 before recovering slightly.

About the Author

Tomiwabold Olajide

Tomiwabold is an experienced cryptocurrency analyst and technical analyst. It pays special attention to cryptocurrency research, conducting comprehensive price analysis and trading forecasts on estimated market trends. Tomiwabold graduated from the University of Lagos.



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