Ethereum Price Surges Past $3,150 as Whales Scoop Up Major Supplies
The Ethereum price has seen a significant rebound, surging past the $3,150 level after dipping below $3,000 amidst the Israel-Iran conflict escalation. This bounce back in ETH comes as whales are actively buying up major supplies from exchanges and taking advantage of the dips in the market.
One notable transaction that caught the attention of on-chain data provider Lookonchain was a substantial withdrawal of 16,300 ETH, equivalent to $51.1 million, from Binance to a wallet associated with Matrixport. This withdrawal is part of a series of transactions totaling 67,286 ETH, amounting to $228.33 million, indicating strategic movements by Matrixport in the cryptocurrency market.
In addition, another mega whale acquired 1,000 ETH, valued at $3.15 million, from Binance during the market downturn, adding to their total accumulation of 8,300 ETH, worth $25.12 million.
Despite long-term holders offloading over 55,368 ETH during the initial price retracement, the selling pressure has decreased significantly, with only 31,165 ETH in circulation during the recent market dip. This reduction in selling pressure could have a positive impact on Ethereum’s price dynamics in the coming days.
Investors are closely monitoring the bounce-back in ETH, with bulls aiming to push the price above $3,200 to confirm an uptrend. Reports of Hong Kong potentially approving a spot Ethereum ETF could further drive the ETH price higher, adding to the positive momentum in the market.
