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Ethereum, the second largest cryptocurrency by market value and the largest altcoin, has once again made headlines. In the last 24 hours, the altcoin has experienced turbulent price movements, apparently sparked by a significant increase in whale activity according to on-chain data. Consequently, over 150,000 ETH moved between cryptocurrency exchanges, leading to increased speculation about future price movements of the altcoin.
Ethereum Whales Continue Large-Scale Transactions
Throughout Ethereum’s monthly price correction, ongoing whale transactions have caused mixed market sentiments regarding ETH’s future price trajectory. According to Whale Alert, which publicly tracks major movements on blockchains, 151,593 ETH were transferred by whales in the last 24 hours.
While some transactions indicate that some large-scale investors remain confident in the altcoin’s future, others suggest a potential inclination to sell. This situation seems to have fueled the turbulent price trend of ETH in the last 24 hours.
One of the most notable movements detected in on-chain data was a deposit of 1,700 ETH to the Coinbase exchange from a wallet address starting with 0x493, known as a smart money address. Smart money addresses are investors who consistently achieve significant gains in the cryptocurrency market.
ETH Struggles to Maintain Its Strength
As of this writing, the price of ETH has dropped by 1.85% in the last 24 hours and is currently struggling to stay above the critical support level of $3,000. Data reveals that the altcoin’s market value has decreased by 1.86% and its trading volume has dropped by 16.90% during the same period.
Moreover, Coinglass data shows a 0.12% increase in open interest on the derivatives side for ETH, while its trading volume has decreased by 24.19%. This situation on the derivatives side could be triggering the recent turbulent price movements of the altcoin.
Additionally, regulatory uncertainty about whether Ethereum could be classified as a security, and thus the likelihood of a spot Ethereum ETF not being approved in the U.S., is significantly increasing the pressure on the altcoin. Experts warn that it would not be surprising if ETH’s price falls below the $3,000 threshold.
