, the second-largest cryptocurrency in the world, continues struggling to regain its footing after a dramatic free-fall that sees investors holding on for dear life.Recent data from Lookonchain showed that an Ethereum whale who bought the coin around a year ago is now selling it for profits.They then withdrew 7,000 of those coins from Lido when the market crashed a little on the 30th of April and deposited it into Binance. The profit made by the whale was over $16 million.
However, currently, the bears have the upper hand. At press time, Ethereum was worth $3,208. That is an increase of 0.02 percent over the past day and 0.8% in the past seven days. According to him, the historical pattern from 2020 and 2021 shows that Ethereum is going to break out again in the third quarter of this year. Going by his chart, he expects Ether to hit $4,000.
Although it is largely bearish, he asserts that there is a tiny little bullish sentiment emerging too, thanks to the coin staying above 100 Simple Moving Average .Further insights from IntoTheBlock reveal a strong link between Ethereum’s price and the volume of large transactions, showing that they greatly affect Ethereum’s price movements.
Notably, a decrease in these transactions in April corresponded with a drop in Ethereum’s price. Clearly, whales are influencing the market by increasing selling pressure.Jai Hamid works as a freelancer cryptocurrency journalist, specializing in blockchain technology. With a keen eye for detail and a knack for breaking down complex topics, she helps demystify blockchain for a wide audience, ranging from novice enthusiasts to industry experts.Subscribe to get it daily in your inbox.
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Source: CryptoAmb - 🏆 22. / 68 Read more »