Following the recent market turmoil caused by tensions between Israel and Iran, the cryptocurrency market has seen a significant recovery, attracting global attention. This recovery was highlighted by a substantial move from an Ethereum (ETH) whale on the Beacon Chain, where a high amount of ETH was staked, causing optimism among altcoin investors about the future price path of the coin.
Whale Stakes 20,545 ETH
Amid the latest market fluctuations, the price of ETH was significantly affected by geopolitical tensions and widespread market corrections before the upcoming block reward halving, dropping to $2,868 in the last 24 hours. However, with the upcoming block reward halving and emerging bullish support for the altcoin, Ethereum began showing signs of recovery, indicating a revival of the upward sentiment in the market genesis.
0x55c... starting with an anonymous whale-level wallet address decided today to withdraw 1,214 ETH from Binance, capturing the attention of the crypto world. This move increased the whale’s total ETH holdings to 20,545, and the mentioned ETH was then transferred to a wallet starting with 0xCbF… to be staked on an important aspect of Ethereum 2.0, the Beacon Chain. The accumulation of these coins over the last three months at an average price of $3,075 indicates a deliberate and potentially well-informed investment strategy by the whale.
On the other hand, data currently shows that over 31.5 million ETH are staked in the Beacon Chain, with 986,929 validators involved.
ETH Signals Uptrend
The significant ETH staking activity by the whale has instilled a sense of optimism and confidence in Ethereum enthusiasts about the long-term value of the asset. Concurrently, the price of ETH has reflected the market’s recovery momentum and the positive atmosphere generated by the whale’s staking activity, surpassing the $3,100 level again.
With recent data, ETH has seen a 2.99% increase in the last 24 hours, trading at $3,106. Along with the price, ETH’s market capitalization has risen by 4.68%, while the hourly trading volume has recorded an 11.45% increase. This notable price movement, especially as Bitcoin‘s fourth block reward halving approaches, has sparked discussions about a potential market recovery in the crypto world.
On the derivatives side, ETH’s open interest has increased by 4.35% and trading volume by 18.14%. These metrics indicate a strong bullish trend in the Ethereum market, further fueling optimism about the future price performance of the altcoin.
