The Ethereum price rally faced a setback as losses ensued following significant whale activity. Ethereum experienced a decline to around $2,350.
Key Takeaways
- Ethereum’s bullish run, propelling its price above $2,445, was short-lived as it faced a decline to approximately $2,350.
- Massive whale transfers totaling $136 million in ETH occurred within the last 24 hours, with notable transactions to Gate.io, Coinbase, and Binance.
- The largest whale transaction involved a transfer of 33,400 ETH worth $78.81 million to Binance from an unidentified wallet.
- Despite the recent pullback, Ethereum has exhibited resilience, recording a 3% gain over the last seven days and a notable 14% gain in the past month.
Ethereum’s Rally Halts
Following a robust rally that saw Ethereum surpass $2,445, the cryptocurrency faced a downturn, settling around $2,350 on December 29, 2023. The optimism generated during the bullish run was disrupted by substantial whale transactions, indicating profit-taking strategies.
In the last 24 hours, notable whale transactions amounting to over $136 million in Ethereum Bulls Surge were observed. Whale Alert reported three significant transfers, including 10,000 ETH worth $23.26 million to Gate.io, 14,612 ETH worth $34.11 million to Coinbase, and the largest transaction of 33,400 ETH worth $78.81 million to Binance from an undisclosed wallet.
Ethereum’s Price Movement
The Ethereum price, currently at $2,353.05, reflects a 1.19% decline following the recent whale activity. Despite this setback, Ethereum has managed a 3% gain over the past seven days, showcasing resilience after the bullish run that led to a 30-day high of $2,445.02 on December 28.
Analyzing market indicators, Ethereum’s current price remains significantly higher than the 50-day EMA of $2,156.90, indicating a prevailing bullish sentiment. The RSI value, standing at 59.5, suggests a neutral stance.
Market Cap and Trade Volume Dynamics
As of the latest data, Ethereum’s market cap has experienced a 1.18% decline to $282.79 billion. Concurrently, the 24-hour trade volume witnessed a substantial drop, decreasing by 22.32% to $13.60 billion. These dynamics, coupled with the whale transactions, contribute to the evolving landscape of Ethereum’s market.
🐋@ethereum Whales Dump $136 Mln #ETH To @binance And @coinbase, Price Dip Ahead?📉🧐
— Crypto News (CoinGape) (@CoinGapeMedia) December 29, 2023
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👀Read more:https://t.co/0SqQ4P23mS
To Conclude
Ethereum’s recent price pullback, influenced by whale transactions totaling $136 million, underscores the volatility within the cryptocurrency market.
Despite the setback, Ethereum has exhibited resilience with gains over both the past seven days and the last month. The ongoing market dynamics, including whale activity, continue to shape Ethereum’s trajectory, emphasizing the need for vigilance amid potential price fluctuations.
