- Ethereum’s bullish rally halts abruptly as whales move $136 million ETH to exchanges, sparking concerns of a price downturn.
- Despite ETH’s recent dip to $2,350, the crypto still maintains a positive weekly gain of over 3% and a significant monthly surge of 14%, exhibiting volatile market behaviour.
The recent upward trajectory of Ethereum (ETH) prices took an abrupt halt as the cryptocurrency faced losses after a substantial rally, causing concern among traders on Friday, December 29, 2023. Following a bullish run that propelled ETH prices above the significant milestone of $2,445, the crypto swiftly retraced its steps, hovering around $2,350 at present.
Whale Movements: $136 Million ETH Floods Exchanges
Whale Alert, a platform tracking large cryptocurrency transactions, reported significant Ethereum whale activities post the recent price surge. Within the last 24 hours, whales executed three substantial transactions, collectively offloading over $136 million worth of ETH onto various exchanges.
The most recent transaction, occurring roughly four hours ago, involved the movement of 10,000 ETH, valued at $23.26 million, from an undisclosed wallet to Gate.io. In another noteworthy instance, 14,612 ETH amounting to $34.11 million were transferred to Coinbase from an unreported source. The largest transfer, totalling 33,400 ETH worth $78.81 million, was recorded 15 hours ago, directed from an unidentified wallet to Binance.
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Ethereum’s Price Movement and Market Data
As of press time on Friday, ETH recorded a 1.19% decline, trading at $2,353.05. Despite the recent dip, Ethereum had marked a 30-day high of $2,445.02 on December 28. The crypto managed a 3% gain over the last week due to the prior bullish surge.
The second-largest cryptocurrency exhibited an impressive 14% gain over the past month, outperforming in the market. Technical analysis from TradingView indicated ETH trading well above the 50-day Exponential Moving Average (EMA) of 2156.90, suggesting a bullish sentiment despite the recent pullback. Meanwhile, the Relative Strength Index (RSI) remains neutral at 59.5.
At the time of reporting, Ethereum’s market capitalization had declined by 1.18% to $282.79 billion. Moreover, the 24-hour trade volume experienced a notable plunge, declining by 22.32% to $13.60 billion.
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