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A giant Ethereum whale recently invested 10,000 into Kraken #ETH He made a profit of 173 million dollars by investing. Mt. Gox distributions #Bitcoin and put pressure on the overall cryptocurrency market. Analysts are predicting a two-week downward movement before ETH enters an uptrend.
Detail:
Spot Ethereum #ETF One day after the successful launch of #Ethereumâ
Its price came under strong selling pressure, dropping over 8% and falling to $3,150 levels. This resulted in a strong liquidation of Ethereum's long positions in the last 24 hours.
It appears that the approval of the Spot Ethereum ETFÂ was actually a selling news event similar to what we saw with Bitcoin in January of this year. As the ETH price rose to $3,500 in July, investors appear to be finally cashing in on the euphoria around the ETF approval.
Additionally, on-chain data shows that a giant Ethereum whale sold its coins on Wednesday, July 24.
According to data from Spot on Chain, a giant Ethereum whale deposited 10,000 ETH worth $34.2 million on Kraken just before the Ethereum price crash, while making a profit of $173 million on ETH.
This whale reportedly withdrew 96,639 ETH from Coinbase at $1,580 in September 2022. Since March this year, the whale has moved approximately 40,000 ETH to Kraken. The whale still has a remaining balance of 56,639 ETH, worth $188 million at the current ETH price
In addition, 10xResearch has developed the existing Mt. Gox distributions put pressure on the broader cryptocurrency market, he noted.
Will Ethereum Price Reverse Anytime Soon?
Popular crypto analyst Michael van de Poppe noted that ETH price may see some reversal amid strong outflows from Grayscale Ethereum Trust. .
ETH could see a two-week downward move before continuing its rise towards new all-time highs. According to the chart, Ethereum might gain support near $3,150 before it continues upward gains.
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