Over the last day, the price of Ethereum, the primary altcoin in the cryptocurrency market, has fluctuated wildly. As a result, following yesterday’s dump, which closed positions worth tens of millions of dollars in less than an hour, the price of Ethereum briefly dropped by 3.1% to $3,411.
But after that, there was a recovery, and a little over 20 hours later, ETH is trading at $3,591, up 5.3% from its low point the day before.
Analysts have seen a rush of activity from the most notable participants in the market, known as crypto whales, amid these sharp price changes. As a result, the whale identified as “0x347” made the highest ETH deposit by the entity to date when he or she deposited 9,000 ETH on Binance, valued at $32 million, according to Spot On Chain. As of right now, “0x347” is holding 29,738 ETH, which is roughly worth $106 million, and has made an estimated $68.5 million in profit.
https://x.com/spotonchain/status/1778267774168797266
However, Lookonchain data showed that a whale made significant purchases during the market downturn, purchasing 10,309 ETH worth $35.82 million. This whale also made another large purchase before to April 8’s Bitcoin spike.
Different perspectives on Ethereum’s short-term direction may be seen in the opposing activities of these key people. Some believe the price recovery is only a technical bounce, while others see it as a positive continuation of the trend. With the market tense as always, Ethereum continues to be a topic of interest and conjecture.
