Ethereum Whales Move Millions: Is Another Market Correction Looming?

Ethereum biggest investors make significant moves, depositing over 32,000 ETH onto exchanges amidst price fluctuations and heightened whale activity.

In a surprising turn of events, three major Ethereum investors, commonly referred to as whales, have made substantial deposits totaling 32,527 ETH, equivalent to $109 million, to various cryptocurrency exchanges within the past 24 hours. These transactions have sparked speculation among traders regarding the potential implications for the market future trajectory.

One prominent trader, known as “0x213,” transferred 12,500 ETH valued at $41.7 million to Kraken, marking a significant movement of funds. Similarly, another whale identified as “0x50b” deposited 11,600 ETH, worth $39.1 million, to Binance. Meanwhile, “Metalpha” contributed 8,427 ETH, totaling $28.2 million, also to Binance.

This surge in whale activity coincides with Ethereum recent price volatility, which saw it surpass the $4,000 mark before experiencing a notable downturn. Santiment data reveals that Ethereum whale transactions have reached their highest levels in 2024, with over 59,000 separate transactions exceeding $100,000 in value recorded between March 19 and 21.

Analysts suggest monitoring the 30-day average returns of ETH wallets to gauge potential market shifts, as current trends indicate a 7% decrease. Additionally, Ethereum Relative Strength Index (RSI) has plummeted to 28.5, its lowest point since late January, signaling a possible rebound.

Despite these developments, IntoTheBlock reports a 41% decline in Ethereum transaction fees this week, accompanied by a slowdown in meme coin speculation. However, the volume of ETH transferred on the mainnet has surged to its highest level since May 2022, indicating continued activity within the Ethereum ecosystem.

Our creator. creates amazing NFT collections! 
Support the editors - Bitcoin_Man (ETH) / Bitcoin_Man (TON)

Pi Network (Guide)is a new digital currency developed by Stanford PhDs with over 55 million participants worldwide. To get your Pi, follow this link https://minepi.com/Tsybko and use my username (Tsybko) as the invite code.

Binance: Use this link to sign up and get $100 free and 10% off your first months Binance Futures fees (Terms and Conditions).

Bitget: Use this link Use the Rewards Center and win up to 5027 USDT!(Review)

Bybit: Use this link (all possible discounts on commissions and bonuses up to $30,030 included) If you register through the application, then at the time of registration simply enter in the reference: WB8XZ4 - (manual)