$41 Million in Ethereum (ETH) in 24 Hours, What’s Going On?

A big Ethereum (ETH) whale has just stunned the community with a sudden move. This development is notable as it comes at a time when ETH has witnessed a slight surge in its price. As the market is expecting more gains from the leading altcoin, this whale has ignited speculation in the community.

According to Whale Alert, an Ethereum whale has transferred 12,215 ETH to crypto exchange Binance. The transfer is estimated to be worth around $41.2 million dollars. The ETH community is showing concern over this move because it appears that the whale is going to sell these coins.

For those who do not know, crypto whales keep their holdings in their private wallets when they plan to hold the coins. However, they move a portion of their holdings to a trading platform when they have decided to sell them. In Ethereum’s case, it is clear that the whale has decided to sell their ETH holdings.

While the exact reason behind this sell-off cannot be known right now, it is likely that the whale may be booking profits. As mentioned above, the ETH price has surged today, hence, the whale may have decided to book profits. But this is only an assumption. There may be other reasons, such as strategic allocation of coins or using ETH to buy other coins.

Ethereum price approaches $3,500

The price of Ethereum has surged 3.61% to $3,378.74 in the last 24 hours. While it is not major upward movement, this surge is crucial as ETH has remained in a consolidation phase in the last few days. With today’s uptrend, it is likely that ETH may try to reclaim the $3,500 mark in the coming days.

Additionally, the ETH price is currently above its 200-day Simple Moving Average (SMA). This indicator shows that the leading altcoin has remained in a broader bullish trend. Adding to this bullish sentiment is the recent approval of spot Ethereum ETFs. This huge development is a strong signal of Ethereum’s optimistic outlook in the broader scenario.

Source