Key Points
- Massive transactions by crypto whales have been causing volatility in Ethereum’s price.
- Ethereum’s value has been fluctuating, with notable swings occurring within short periods.
The value of Ethereum has been experiencing significant fluctuations in recent times. In one instance, the cryptocurrency’s value dipped by 3.1% to $3,411 before quickly bouncing back to $3,591, marking a substantial 5.3% gain.
This abrupt shift in price coincided with heightened activity from large cryptocurrency holders, often referred to as “whales”. One particular wallet, known as “0x347”, has been the focal point of market observers.
Whales Stirring the Ethereum Market
The activity of these whales is especially noticeable given the recent volatility in Ethereum’s price. For instance, on the Binance market, “0x347” made a record deposit of $32 million, equivalent to 9,000 ETH.
This substantial deposit boosted “0x347’s” holdings to 29,738 ETH, or nearly $106 million. The whale is anticipated to rake in a massive profit of approximately $68.5 million from this transaction.
In addition, Etherscan data reveals that another whale made a significant purchase of Ethereum. This whale reportedly shelled out $35.82 million for 10,309 Ethereum, at a time when the market was on a downward trend.
On April 8, the same address made another hefty investment, buying 10,643 ETH, valued at about $36.75 million at the time.
Market Interpretations and Predictions
Market experts have varying opinions on how these big market players’ actions will impact Ethereum’s price in the short term. Some view the price recovery as a positive indication of a continuing bullish trend, suggesting that prices could further increase. Others interpret it as a short technical rebound, hinting that prices could potentially dip again in the future.
As per the 100-hourly simple moving average, Ethereum is still trading above $3,500. There are anticipated resistance levels at $3,650, $3,725, and $3,780, with the initial resistance around $3,600. If Ethereum surpasses $3,800, its price is likely to start climbing.
Conversely, if Ethereum fails to break the $3,600 barrier, it may experience a decline. The first level of support is likely around $3,520, with the strongest level around $3,500. Any further downward movement could lead to a test of the $3,400 zone.
