Due to the Israel-Iran conflict, Ethereum’s price briefly fell below $3,000 but has since recovered significantly, rising above $3,150. Whales are driving this comeback by purchasing huge quantities of ETH from exchanges when prices are dropping.
One significant transaction was the withdrawal of 16,300 ETH from Binance, which was valued at $51.1 million, to a wallet connected to Matrixport. This is on top of the 67,286 ETH that has been taken out totaling $228.33 million since March 29. This indicates that the cryptocurrency market is moving strategically.
Long-term investors made adjustments to their holdings as well, offloading 55,368 ETH at the latest top, valued $204 million. Only 31,165 ETH worth $101.4 million were sold during the most recent decline, though, from long-dormant supplies.
During the market collapse, a significant player added 1,000 ETH valued at $3.15 million to their entire holdings of 8,300 ETH valued at $25.12 million.
In the near future, Ethereum’s price trend may benefit from the $104 million drop in selling pressure that occurred between price extremes. This is particularly true if bulls are able to raise the price beyond $3,200.
Read also: Dormant Ethereum Wallet Springs to Action, Generates $7 Million Profit
