Ethereum’s Bullish Run Comes to an End
After a strong rally, Ethereum (ETH) gains have come to a halt as the crypto extended losses on Friday, December 29, 2023. The bullish run on Thursday propelled the Ethereum price over the $2,445 mark, which was a significant milestone. However, the surge was short-lived as the crypto dropped to about $2,350 at press time.
The decline could have been initiated due to massive whale transfers as they aim to lock in profits from the recent price rally. In the last 24 hours, whales dumped more than $136 million worth of ETH into various crypto exchanges.
Ethereum Whale Transfers Exceed $136 million
According to recent posts by Whale Alert on X, three major Ethereum whale transactions were recorded after the recent price surge. A total of $136.18 million worth of ETH was dumped by whales. The latest transaction, recorded about four hours ago, involves a shift of 10,000 ETH from an unknown wallet to Gate.io. The transfer amounted to $23.26 million.
In another notable transaction, 14,612 ETH worth $34.11 million were dumped to Coinbase via an undisclosed wallet. Furthermore, the largest dump was recorded about 15 hours ago when 33,400 ETH was dumped. This whale transaction, worth $78.81 million, was directed toward Binance from an unidentified wallet.
Ethereum Price Today
The ETH price tumbled 1.19% as it traded at $2,353.05 at press time on Friday. This comes after it recorded a 30-day high of $2,445.02 on Thursday, December 28. Though the price has been declining currently, the crypto has managed to gain over 3% in the last seven days owing to the recent bullish run.
Moreover, the second largest crypto also registered an impressive 1-month gain of over 14%. According to TradingView analytics, the current price of ETH is trading way higher than the 50-day EMA of 2156.90, indicating a bullish sentiment despite the recent pullback. Whilst, the RSI value stands neutral at 59.5.
As of writing, the ETH market cap had declined by 1.18% to $282.79 billion. In addition, the 24-hour trade volume plunged significantly. The trade volume dropped by 22.32% to $13.60 billion.
Hot Take: Ethereum’s Whale Dump and Price Dip
After experiencing a significant rally, Ethereum’s price surge has come to an end with a dip in value. This drop may be attributed to large-scale whale transfers as they seek to secure profits from the recent price increase. Over $136 million worth of ETH has been dumped into various crypto exchanges by these whales in just 24 hours.
This sudden influx of ETH into exchanges raises questions about market stability and investor sentiment towards Ethereum’s future performance. While the current price decline may seem concerning, it’s worth noting that Ethereum has still shown positive gains in the past week and month, indicating overall market confidence. The next few days will be crucial in determining whether this price dip is temporary or indicative of a larger trend.
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