Ethereum (ETH), which is generally the second largest cryptocurrency in terms of market value, has witnessed remarkable whale activity recently. According to data, more than 10,000 ETH transfers took place to Coinbase, increasing market interest and speculation. ETH price is currently at $3,489.38, reflecting recent declines.
Market Reactions and Speculations
Following these significant whale transactions, increased volatility was observed in the Ethereum market. It was especially noteworthy that 9,553 ETH, worth over $33.4 million, was deposited in Coinbase. This movement led to various theories about the future direction of ETH's price. Particularly given the recent declines, it has created a bearish sentiment among some investors, fueling arguments that the whale is preparing to sell to prevent further losses.
Indicators Pointing to a Price Reversal
Several factors point to a possible recovery in Ethereum price. Notably, the number of active addresses reached a three-month high of 617,170, indicating increased user engagement and network activity. Moreover, the ETH/BTC trading pair remains above the critical 0.05 BTC level, which is closely watched by market analysts.
Institutional Interest and ETF Applications
Another important development that has increased market confidence in Ethereum is the increasing institutional interest shown by major financial companies such as BlackRock, Fidelity, Grayscale and VanEck through their S-1 amendment filings for Spot Ethereum ETFs. Bloomberg analyst Eric Balchunas states that VanEck highlights its competitive pricing strategies by reducing its fee to 0.20%. These developments could attract a large amount of institutional capital to Ethereum and potentially trigger a price recovery.
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I EXPLAIN IN DETAIL.
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