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$46 Million in Ethereum (ETH) on Move, What's Happening?

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Thu, 11/07/2024 - 13:19
$46 Million in Ethereum (ETH) on Move, What's Happening?
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An Ethereum (ETH) whale moved a major amount of ETH earlier today. Per the latest data from Whale Alert, the whale moved 14,815 coins to crypto trading platform OKX. The transfer is estimated to be worth around $46.6 million based on the current price level.

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The whale appears to be reducing its ETH holdings, and this transfer is suspected to be a sell-off. It comes at a crucial time as the Ethereum price is looking to initiate a recovery after the recent market dump. Consequently, the community is worried about whether this sell-off can halt the price's recovery.

It is true that major transfers from crypto whales can impact the market. If it is a sell-off, it can inject bearish sentiment into the market. In ETH’s case, the whale is expected to reduce its holdings. This move can put bears in control again and halt the upward trend. However, the impact of such sell-offs is not expected to be there for the long term.

Ethereum price dynamics

Amid this latest transfer, the price of Ethereum is eyeing a potential recovery. Per CoinMarketCap, the ETH price is currently trading at $3,149. This comes after a notable jump of 1.55% in the last 24 hours. While the price is still down 10.7% over the past month, today’s increase indicates the start of a potential recovery.

Another positive indicator for ETH is that it is currently trading above its 200-day EMA and SMA. This is a major bullish sign as it shows that the leading altcoin has remained bullish over the long term. It means that the Ethereum price is not in a bearish phase, and it has the potential to recover its recent losses.

Despite today’s sell-off by the whale, Ethereum does not appear to be facing major selling pressure. Moreover, other major players have been buying the recent price dips. For instance, Justin Sun acquired a major amount of ETH earlier today. Overall, the broader outlook for the coin remains optimistic.

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