After briefly dipping below $3,000 due to the Israel-Iran conflict, Ethereum’s price has bounced back strongly, surpassing $3,150. This resurgence is fueled by whales buying significant amounts of ETH from exchanges during price dips.
One notable transaction involved a withdrawal of 16,300 ETH worth $51.1 million from Binance to a wallet linked with Matrixport. This adds to previous withdrawals totaling 67,286 ETH valued at $228.33 million since March 29, indicating strategic moves in the crypto market.
Another major player acquired 1,000 ETH worth $3.15 million during the market downturn, adding to their total holdings of 8,300 ETH worth $25.12 million.
Long-term investors also adjusted their holdings, selling off 55,368 ETH worth $204 million from the recent peak. However, during the latest dip, only 31,165 ETH worth $101.4 million were sold from long-dormant supplies.
The reduction in selling pressure by $104 million between price extremes could positively impact Ethereum’s price trend in the near future, especially if Bulls manage to push the price above $3,200.
Also Read: Will Ethereum Reach $10,000 After Bitcoin Halving 2024?
