After a month of consolidation and lots of ups and downs, the market gave some relief to investors today, July 1, 2024, ahead of the Ethereum ETF decision on July 2, 2024. Amid this upcoming decision, an on-chain analytic firm Spotonchain made a post on X that a whale, likely Abraxas Capital has withdrawn a significant 60,000 Ethereum (ETH) worth $206.3 million from Bitfinex.
Whale moves 60,000 ETH from Bitfinex
The average price of this massive withdrawal is $3,387. Following this, the whale then loaned the ETH to Spark, securing $119 million of stablecoin, and later deposited it to the world’s biggest cryptocurrency exchange Binance. Since this massive withdrawal by the potential Abraxas Capital, the ETH price has soared nearly 3% and now moving near the $3,490 level. This price surge has caused an unrealized profit of $6.27 million.
A massive whale (probably Abraxas Capital) has withdrawn 60K $ETH ($203M) from #Bitfinex at ~$3,387 in the past 17 hours.The whale then lent $ETH to #Spark to borrow $119M in stablecoins and deposited it to #Binance.The $ETH price is up by 3% (17H), suggesting a $6.27M… pic.twitter.com/6oomnzlrSq
— Spot On Chain (@spotonchain) July 1, 2024
As of now, ETH is moving near $3,480, and in the last 24 hours, it experienced a price surge of 3%. Despite this impressive price surge, the trading volume has also surged by 45% indicating potential investors’ and traders’ interest and confidence in ETH. Additionally, the ETH open interest (OI) has also increased by 2.6% indicating the same bullishness, according to the data from an on-chain analytic firm Coinglass.
If we look at the performance of ETH over a longer period, in the last 7 days it experienced only a 3.3% upside move just because of lots of ups and downs in the market. Whereas, in the last 30 days, the ETH price has experienced a price drop of 8%.
Ethereum technical analysis and key levels
According to expert technical analysis, ETH is looking bullish and moving above 50 and 200 Exponential Moving Average (EMA) on a daily time frame. However, today it also gave a breakout of a consolidation zone and a strong resistance near the $3,450 level.
Today if ETH gives a daily candle-closing above the $3,500 level then in the coming days we may see a bullish upside move to the $3,640 level. Looking at the liquidation map, it is found that the bulls are back as long positions are significantly increasing whereas short positions are lowering as per Coinglass data. As per the data, if ETH reaches to $3,640 level then nearly $318 million of short positions liquidate.
Besides ETH’s bullish overview, as of now, the overall cryptocurrency market is up by 2.65% and top assets like Bitcoin (BTC), Solana (SOL), and BNB (BNB) also experienced an impressive price surge of 2.8%, 5.5% and 1.6% respectively in the last 24 hours.
