Earlier today, an Ethereum (ETH) whale moved a large amount of ETH. According to the latest data from Whale Alert, the whale transferred 14,815 tokens to the cryptocurrency exchange platform OKX. Based on current price levels, the value of the transfer is estimated to be around $46.6 million.
The whale appears to be reducing his holdings of ETH and the transfer is suspected to be a sell-off. The transfer comes at a critical time when the price of Ethereum is seeking recovery after the recent market crash. Therefore, the community is concerned whether this sell-off will prevent the price recovery. Indeed, large-scale transfers by cryptocurrency whales can affect the market. If it is a sell-off, it may inject bearish sentiment into the market. In the case of ETH, the whale is expected to reduce its holdings. This move may allow the bears to take control again and prevent the upward trend. However, the impact of such sell-offs is not expected to be long-lasting.
Ethereum Price Updates In this recent shift, the price of Ethereum is expected to recover. According to CoinMarketCap, the ETH price is currently trading at $3,149. This follows a significant increase of 1.55% in the 24-hour period. Although the price is still down 10.7% over the past month, today’s increase suggests that the price of Ethereum may be starting to recover. Another positive indicator for ETH is that it is currently trading above its 200-day EMA and SMA. This is a significant bullish sign as it shows that the leading altcoin remains bullish in the long term. This means that the Ethereum price is not yet in a bearish phase and has the potential to recover its recent losses.
Despite today’s whale selling, Ethereum does not appear to be facing significant selling pressure. Additionally, other major players have been buying into the recent price dips. For example, Justin Sun bought a large amount of ETH earlier today. Overall, the outlook for the token remains positive. #EthereumNews
