240,000 ETH Moved to Top Exchanges as Ethereum Sees Pullback After Recent Surge

Major cryptocurrency tracking platform Whale Alert has spotted at least half a dozen large Ethereum transactions, which cumulatively carried close to 240,000 Ethereum. The majority of these crypto transfers were sent to leading crypto exchanges.

In the meantime, the Ethereum price has seen a small pullback after surging earlier this week, but it has begun to recover again.

🚨 🚨 🚨 🚨 🚨 49,999 #ETH (118,474,142 USD) transferred from unknown wallet to unknown wallethttps://t.co/b8hIfaqN3X

— Whale Alert (@whale_alert) February 7, 2024

Almost 240,000 Ethereum on move

The above-mentioned cryptocurrency tracker has detected anonymous whales moving grand amounts of the second largest coin Ethereum to major crypto exchanges – Binance, Coinbase and Bitfinex.

These transfers varied between 14,322 ETH and 83,200 ETH – the latter was moved from Binance to Binance Deacon Deposit. A total of 49,999 ETH went from one anonymous cryptocurrency wallet to another. As for the other ones, they were sent to the above-mentioned crypto trading platforms from unknown blockchain wallets.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 83,200 #ETH (196,775,043 USD) transferred from #Binance to Binance Beacon Deposithttps://t.co/U1F7qaAJhG

— Whale Alert (@whale_alert) February 7, 2024

Overall, the transferred Ethereum in total comprises a whopping $518,691,800 in fiat.

Ethereum ready for $3,500: Top analyst

Major cryptocurrency trader and analyst Michael van de Poppe based in Amsterdam believes that within the coming months, Ethereum is likely to unleash its full potential and become “a market-mover.” For this reason, the analyst admits, he has allocated his funds to the Ethereum ecosystem.

In a recent tweet, van de Poppe stated he believes Ethereum is ready to start heading for $3,500.

#Ethereum is waking up and ready for its run to $3,500. pic.twitter.com/ny0ou5txfz

— Michaël van de Poppe (@CryptoMichNL) February 6, 2024

Since the week started, the second most popular cryptocurrency demonstrated a surge of more than 4.4%, which pushed the coin to the $2,384 price level. ETH was also seen there on Jan. 30 after massive growth of 6.64%. After today’s increase, however, Ethereum has made a pullback of 1.30%, now exchanging hands at $2,357.

This year, many in the cryptocurrency community expect ETH to hit $4,000 following the prediction of the Standard Chartered banking behemoth. The bank named May 23 as the date by which this prediction will be achieved since this is the date when the Securities and Exchange Commission regulator is likely to approve a spot Ethereum ETF filed for by a couple of major spot Bitcoin ETF issuers, including BlackRock.

Lark Davis elaborated that, in light of a potential Ethereum ETF approval, financial institutions will begin accumulating massive amounts of ETH, withdrawing them from the market into cold storage.

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