Noteworthy Ethereum transactions have been documented, involving the transfer of over 21,000 ETH coins between blockchain wallets and cryptocurrency exchanges. These significant movements have attracted attention, especially because they align with a prominent increase in the price of ETH.
When substantial volume transactions occur, they can sometimes impact the price of the respective token in the short term. As a result, investors and market participants closely monitor the price movement to determine if the current rally will continue or come to a halt.
Notably, WhaleAlert, a popular blockchain transaction tracker, has reported several transactions carrying substantial amounts of Ethereum (ETH) coins in the past 24 hours. Through a report shared on X (formerly Twitter), WhaleAlert has identified a large investor who moved 8,366 ETH tokens (valued at $32,747,960) from the OKEx exchange to an unidentified wallet. Remarkably, this transaction took place approximately 2 hours ago.
Prior to that, another whale transferred an impressive 13,080 ETH coins from an anonymous wallet to the centralized Coinbase exchange. The value of this transfer was recorded as $50,436,443 at the time.
When significant amounts of cryptocurrency are transferred to centralized exchanges (CEXs), it can sometimes indicate a selloff, where investors cash in on previously realized profits. On the other hand, the accumulation of coins from exchanges to wallets can sometimes signify confidence, as investors increase their holdings in anticipation of a price surge in a particular cryptocurrency.
Furthermore, other notable transactions involving Ethereum (ETH) have been reported by WhaleAlert. According to the shared data, a series of transactions involving at least 5,000 ETH tokens were conducted to Coinbase Institutional approximately 18 hours ago.
The first transaction moved 5,969 ETH tokens from the aforementioned exchange to an unidentified wallet, with a value of $22,724,378 at the time of initiation. A few minutes later, the second transaction occurred, transferring 5,945 ETH (worth $22,663,907). Finally, another 5,450 ETH coins (valued at $20,751,404) were moved from Coinbase Institutional to the same unidentified wallet. Whale movements like these often lead to speculation about market trends and potential price effects.
In terms of price movements, Ethereum (ETH), the second-largest cryptocurrency by market cap, has exhibited impressive growth over the past 24 hours. According to data from CoinMarketCap, ETH is currently being traded at $3,892, representing a 3.65% increase within the recorded time.
Furthermore, the trading volume of the coin has surged by 89% to $18 billion in the last day, with a live market cap of $467 billion. Additionally, ETH has experienced price fluctuations between $3,755.90 and $3,931.79 in the past 24 hours. With a valuation of $13.2 billion, Ethereum’s open interest currently stands at +9.92%. The RSI is at the 66.32 level, suggesting a possible bullish presence.
