Ethereum Continues to Attract Investors Despite Major Volatility

The price of Ethereum has surpassed $3000 amid weekly declines. Whale activity is on the rise, impacting future price volatility.

Azcnews Ethereum Continues To Attract Investors Despite Major Volatility

Volatility in the price of Ethereum (ETH) continues to attract investor interest despite weekly fluctuations, as it maintains its position as the world’s second largest cryptocurrency by price market value.

On May 3, the price of Ethereum not only recovered but also significantly surpassed the $3000 mark. This development has reinvigorated the market and increased a sense of optimism among the investor community.

Ethereum whale activity

Whale Transaction
Whale Transaction

The growth in question, combined with a significant increase in activity by major investors, has drawn attention to the future price movements of the coin. Recently, around 36,000 ETH were converted and large investors made these competitive transactions with Solana.

Online analytics platforms have revealed that a total of 36,762 ETH were converted the previous day. Notably, the large investor with address 0xf83c… made an important move by transferring 25,772 ETH to Coinbase Institutional, one of the leading companies in the cryptocurrency sector. In contrast, the large investor with address 0x0b4… purchased 10,990 ETH from Coinbase during the same period, demonstrating contrasting strategies.

Ethereum historical data

Ethereum Price Chart
Ethereum Price Chart

Ethereum’s recent price movements, along with the corresponding transactions, have caused a mixed feeling in the larger cryptocurrency market. While one major investor continued to buy tokens amid the market downturn, another major investor sold a large amount of similar tokens, highlighting the bearish trend of ETH.

Related: ETH Trading at $3000 But Demand on the Decline

However, at this point, the bullish trend has shifted to a more bullish shape. At the time of writing, Ethereum’s price has increased by 3.08% over the past 24 hours and is currently at $3,001. Investors are watching the price move at $3000, as shown by the monthly chart showing the consolidation period.

Investors continue to carefully monitor the token’s price movements to discern more information on price trends amid sharp declines in the stock market and BTC following the rally, potentially affecting the market dynamics. Notably, XRP, a token backed by Ripple Labs, has experienced a period of stagnation in value since entering a legal battle with the US SEC. On the other hand, historical data shows that after halving cycles, there is often a sharp increase in altcoins. However, this does not always guarantee future price movements.

Love

0.0/5

Love

Latest

Cardi B Accused Of Fraud After Promoting Controversial $wap Memecoin

News | Editor Choice | Memecoin

Cardi B Accused of Fraud After Promoting Controversial $WAP Memecoin

Rapper Cardi B is facing intense criticism after promoting the controversial memecoin $WAP, amid allegations of fraud and market manipulation in the crypto space.

South Korea Elects Pro Crypto President Lee Jae Myung

News | Editor Choice | Policy & Regulations

South Korea Elects Pro-Crypto President Lee Jae-myung

Lee Jae-myung’s victory in South Korea’s presidential election marks not only a major political shift but also raises new hopes for the cryptocurrency industry, thanks to his strong pro-crypto commitments.

How To Participate In The Trump Wallet Airdrop

Airdrops | Editor Choice

How to Participate in the Trump Wallet Airdrop

Join the Trump Wallet airdrop, a cryptocurrency wallet provided by Magic Eden, which is airdropping 1 million TRUMP tokens to participants.

Donald Trump’s Company Files To Launch Spot Bitcoin Etf

News | Bitcoin | Editor Choice

Donald Trump’s Company Files to Launch Spot Bitcoin ETF

Truth Social, Donald Trump's social media platform, has made headlines by filing to launch a spot Bitcoin ETF, marking a bold move into the digital finance space as the crypto market heats up again.

Team Continues To Deposit $trump Into Exchanges

Memecoin | Editor Choice

Team continues to deposit $TRUMP into exchanges

This morning, a wallet allegedly belonging to the development team of the memecoin $TRUMP deposited 4.17 million $TRUMP tokens, equivalent to $46.97 million USD, onto major exchanges.