Main navigation

Ethereum (ETH) Price Likely to Bounce Due to This Key Factor: Report

Thu, 08/31/2023 - 13:30
article image
Yuri Molchan
Recent analytics report suggests that price bounce for Ethereum may be coming soon
Ethereum (ETH) Price Likely to Bounce Due to This Key Factor: Report
Cover image via

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Santiment on-chain analytics company has posted a tweet to encourage the part of the crypto community that is holding ETH.

Currently, the tweet states, ETH is trading at the $1,700 level, and a lot of traders are growing impatient about it. The recent price drop from the $1,741 mark may indicate that a large number of wallets are dropping ETH now and are continuing to do it as ETH is sitting at the current price mark.

However, citing similar situations in the past, Santiment stated that when traders begin to dispose of their cryptos at lower values, the chances of a price rebound grow higher.

Vitalik Buterin moves 3,000 ETH

As reported by U.Today earlier this week, a cofounder of the Ethereum chain and its frontman, Vitalik Buterin, transferred 3,000 Ethereum (worth approximately $4.95 million at the time of the transaction) to a wallet labeled Vb2.

This transaction sparked a wave of curiosity and heated discussions within the crypto community. Some believe that this could have been Buterin redistributing his crypto riches to protect them against possible hacks. The second version assumed that Buterin could cash out these $5 million.

SHIB Army Burns Millions of Shiba Inu, Pushing Burn Rate High into Green

Dormant whale awakes after two years

@lookonchain tracker of "Smart Money" wallets, who regularly shares data on the transactions they make and how much money they lose or earn, announced that a few hours ago, a whale that had remained dormant for two years had awakened and deposited 6,087 ETH to Binance.

This is quite a large amount in fiat, too, since it is worth $10.23 million. Now, Ethereum is changing hands at $1,715 after the recent price fall. It is quite likely that this whale may be either selling at a loss or he could be moving funds to Binance, expecting the ETH price to rebound soon and only then make a sale on Binance.

article image
About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at