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Ethereum‘s (ETH) price trajectory has once again caught the attention of investors despite a weekly decline, as the world’s second-largest cryptocurrency by market value. On May 3, Ethereum‘s price not only regained momentum but also crossed a significant $3000 threshold. This development revitalized the market and sparked a sense of optimism among investors.
Whale Activities in Ethereum
The mentioned uptrend, combined with a notable increase in whale activities, has ignited interest in the future price movements of the token. Recently, approximately 36,000 ETH were moved, and whales traded this competitor to Solana. On-chain analysis platforms revealed that a total of 36,762 ETH were moved the previous day. Notably, whale 0xf83c… made a significant move by transferring 25,772 ETH to Coinbase Institutional, one of the leading players in the cryptocurrency sector. Conversely, whale 0x0b4… purchased 10,990 ETH from Coinbase during the same period, displaying opposing strategies.
The recent turbulent price movements of Ethereum, along with these transactions, have ignited mixed feelings in the broader cryptocurrency market. While one whale continued to buy the token during a broader market downturn, another whale sold massive amounts of the same token, underlining the downward trend in ETH’s status. However, at the time of writing, the upward trend in price movement has shifted the scale more optimistically. At the time of writing, Ethereum’s price has increased by 3.08% in the last 24 hours and is currently at $3,001. The token is witnessing a high price flow movement at the $3000 level, as shown by monthly charts indicating a consolidation phase.
Historical Data in Ethereum
The cryptocurrency market enthusiasts continue to closely monitor the token for more price movement changes as the securities case and BTC halving post-rally, ready to impact market dynamics. It is worth noting that XRP, a token backed by Ripple Labs, has been in a stagnant price trend since entering a legal battle with the US SEC. On the other hand, historical data indicates that the rally following a halving typically triggers a parabolic rise in altcoins. However, this is not always a guarantee of future price movements.
