Key Points
- An Ethereum whale has deposited 15,000 Ethereum, potentially impacting the cryptocurrency’s short-term price.
- Ethereum’s price could experience volatility due to changes in trading activity and market trends.
A significant deposit of 15,000 Ethereum (ETH) into the Kraken exchange by an Ethereum whale, identified as 0x7f1, could influence the cryptocurrency’s price in the short term.
This deposit, valued at over $45.98 million, was made at a rate of $3,065 per Ethereum.
Speculation on Ethereum’s Future Price
The transaction has sparked discussions about Ethereum’s future price trajectory, with mixed reactions from investors.
Some view Ethereum as a promising investment, while others are keen on capitalizing on recent price fluctuations.
Interestingly, the same whale had withdrawn 120,874 Ethereum from Kraken in early September 2022, when the average price was $1,645.
The whale now holds 105,874 Ethereum, valued at $326 million, with a total profit of $173 million, representing an 87% gain.
Impact on Ethereum’s Price
According to Ethereum’s technical chart, the cryptocurrency is currently in a bearish downward channel pattern and is trading at the channel’s resistance point.
If Ethereum breaks out of this pattern, it could experience a 5% bullish move to $3,300 in the coming days.
However, if it fails, the price could drop to $2,900.
Trading activity changes, such as a 1.55% decline in Ethereum’s open interest and a 51.55% drop in options volume, could contribute to its price volatility.
The Relative Strength Index (RSI) is currently at 57.35, indicating growing bullish sentiment, which could drive Ethereum’s price higher in the near term.
As the broader cryptocurrency market anticipates a resurgence of altcoins following the Bitcoin halving event, Ethereum is well-positioned to benefit from upcoming market trends.
With the first round of spot Ethereum (ETH) ETF deadlines approaching, there is mounting anticipation within the market.
Recent trends, such as ETHBTC reaching levels last seen in February 2021 and lackluster interest in the options market, suggest a sentiment of expectation for a potential rejection and a non-event scenario surrounding the ETF launches.
