Ethereum Price Rebounds Above $3,150: Matrixport Wallet Withdraws $51.1 Million from Binance

In a surprising turn of events, Ethereum (ETH) prices have bounced back above $3,150 after a recent dip below $3,000. This recovery comes amidst escalating tensions between Israel and Iran and has been fueled by significant market activity, including a massive withdrawal of $51.1 million worth of ETH from Binance by a wallet associated with Matrixport.

Since March 29, this particular wallet has withdrawn a total of 67,286 ETH, valued at a staggering $228 million. The average price for these transactions stands at $3,393.5 per ETH, indicating a strategic move by Matrixport in the market.

In addition to this withdrawal, a major Ethereum holder has also made a substantial purchase of 1,000 ETH from Binance, totaling $3.15 million. This acquisition adds to their existing holdings of 8,300 ETH, now valued at $25.12 million. These purchases were made during a market downturn, showcasing a trend of buying during dips.

The behavior of long-term holders has also impacted market dynamics, with over 55,368 ETH sold during the initial price drop from the monthly high of $3,700 on April 8. However, during a subsequent dip on April 11, only 31,165 ETH were traded, valued at approximately $101.4 million. This reduction in selling pressure by long-term investors could lead to a more stable price environment for Ethereum in the near future.

Despite the recent gains in price and market capitalization for Ethereum, the trading volume has seen a significant decrease, dropping by 31.71% from the previous day to $22,693,856,909. This trend raises questions about the future trajectory of ETH prices and market activity.

The post Binance Sees $50M Ethereum Withdrawal: What’s Behind the Move? sheds light on the recent market developments and the potential factors driving these significant transactions. Stay updated on the latest news in the cryptocurrency world by following Coin Edition.