Recently, 7,000 Ethereum (ETH) were unexpectedly moved to the well-known trading site Robinhood. The bitcoin community has taken notice of this huge transaction.
The movement of 7,000 ETH, or around $26.6 million, was documented by the cryptocurrency data tracker Whale Alert.
According to Whale Alert, “7,000 ETH worth $26,665,571 was transferred from an unknown wallet to Robinhood.”
https://x.com/whale_alert/status/1798202313913278548
Curiosity is piqued as it is unclear who owns the wallet and why such a sizable transfer occurred.
This transfer’s timing is especially significant since it aligns with Ethereum’s recent upswing. After hitting intraday highs of $3,840, ETH has gained $0.86 over the previous 24 hours to $3,795 as of this writing.
It’s possible that an institutional holder made the most recent ETH transfer. Another possibility is that a whale or significant holder is using Robinhood for custody or trading, particularly given that transferring tokens to exchanges may be a requirement for selling them.
Although the precise reason for the transfer is yet unknown, it is usual for exchanges to need to move substantial amounts of cryptocurrency to meet their liquidity requirements.
Ethereum price action
Since hitting highs of $3,973 on May 27, Ethereum has mainly fluctuated in price. The fact that Ethereum has been trading above $3,730 for a few of days suggests that bulls are trying to convert the level into support.
Should this occur, buyers may attempt to break through the $3,973 barrier and test the $4,100 overhead resistance.
It is a sign that the bears are trying to rally if the price drops and breaks below $3,730. If bears manage to drive the price below $3,521, then selling may increase. At that point, ETH may drop to the $3,282 50-day SMA.
