Ethereum, the second-largest cryptocurrency in terms of market value and the leading altcoin, has once again grabbed attention with its recent developments. Over the past 24 hours, the altcoin has witnessed turbulent price fluctuations, which are believed to be driven by a significant increase in whale activity, as per on-chain data. Consequently, more than 150,000 ETH have been transferred between cryptocurrency exchanges, fueling speculations about the future price movements of the altcoin.
Ethereum Whales Engage in Large-Scale Transactions
Throughout the monthly price correction of Ethereum, ongoing whale transactions have generated mixed sentiments in the market regarding the future price trajectory of ETH. Whale Alert, a platform that tracks major movements on blockchains, has reported that whales transferred a total of 151,593 ETH in the last 24 hours.
While some transactions indicate that certain large-scale investors remain optimistic about the altcoin’s future, others suggest a potential inclination to sell. This situation appears to have contributed to the volatile price trend of ETH in the past 24 hours.
ETH Struggles to Maintain Its Strength
At present, the price of ETH has experienced a 1.85% decline in the last 24 hours and is currently striving to stay above the critical support level of $3,000. Data reveals that the altcoin’s market value has also decreased by 1.86%, while its trading volume has dropped by 16.90% during the same period.
Furthermore, Coinglass data indicates a 0.12% increase in open interest on the derivatives side for ETH, accompanied by a 24.19% decrease in trading volume. This situation in the derivatives market may be contributing to the recent turbulent price movements of the altcoin.
In addition, the regulatory uncertainty surrounding the classification of Ethereum as a security and the possibility of a spot Ethereum ETF not receiving approval in the U.S. has significantly increased pressure on the altcoin. Experts caution that it would not be surprising if ETH’s price falls below the $3,000 threshold.
Please note that the information provided in this article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and should conduct their own research.