Ethereum’s robust momentum hit a roadblock on December 29, 2023, as the cryptocurrency, following an impressive rally, experienced a setback with losses extending into Friday. The surge on Thursday drove Ethereum’s price above the significant $2,445 threshold, marking a noteworthy achievement. However, this upward momentum was short-lived, with the crypto slipping to around $2,350.
The downturn is attributed to substantial whale transfers, indicating a move by these large holders to secure profits from the recent price surge. Over the last 24 hours, whales have unloaded more than $136 million worth of ETH across various crypto exchanges.
🚨 🚨 🚨 🚨 33,400 #ETH (78,816,607 USD) transferred from unknown wallet to #Binancehttps://t.co/V40ucDGpxO
— Whale Alert (@whale_alert) December 28, 2023
Whale Alert on X reported three significant Ethereum whale transactions post the recent price surge, totaling $136.18 million. The latest transaction, occurring approximately four hours ago, involved the transfer of 10,000 ETH from an unknown wallet to Gate.io, amounting to $23.26 million.
In another notable transaction, 14,612 ETH, valued at $34.11 million, was dumped to Coinbase from an undisclosed wallet. The largest dump, recorded about 15 hours ago, involved 33,400 ETH, worth $78.81 million, directed towards Binance from an unidentified wallet.
Ethereum’s Latest Market Update
As of the latest market update, the price of Ethereum (ETH) has experienced a 1.19% decline, settling at $2,353.05 as of press time on Friday. This follows a notable 30-day high of $2,445.02 achieved on Thursday, December 28. Despite the current dip, the cryptocurrency has seen a commendable 3% gain over the last seven days, attributed to the recent bullish trend.
Furthermore, Ethereum has demonstrated a robust 1-month gain, exceeding 14%. TradingView analytics reveal that the current ETH price is well above the 50-day EMA of 2156.90, indicating a prevailing bullish sentiment despite the recent pullback. The RSI value remains neutral at 59.5.
Related: Solana Demonstrates Superiority Over Ethereum
At the time of writing, the Ethereum market cap has experienced a 1.18% decline, settling at $282.79 billion. Additionally, the 24-hour trade volume has seen a significant drop, decreasing by 22.32% to $13.60 billion.
