Ethereum

April

Parallel

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/whales-buy-240000-ethereum-during-price-drop/" data-wpel-link="internal">Whales Buy 240,000 Ethereum During Price Drop</a><br></p>
<p style="text-align: justify"><strong>Cryptocurrency</strong> enthusiasts recognize <strong><a href="https://en.coin-turk.com/ethereums-open-interest-continues-to-rise-what-does-it-mean-for-eth/" data-wpel-link="internal">Ethereum</a></strong> as a key element for <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> and market analysts. The positive sentiment around the spot Ethereum ETF approval positively impacted the ETH price. ETH price rose from $2,900 to nearly $4,000 before experiencing volatility, settling just above $3,500 at the time of writing. Analyst Ali Martinez shared a graph on X, detailing how whales positioned themselves during the recent Ethereum drop. Let’s analyze the graph.</p> 
<h2 style="text-align: justify" id="whales-buy-240-000-ethereum">Whales Buy 240,000 Ethereum</h2> 
<p style="text-align: justify">During the recent drop, Ethereum’s price fell from around $3,800 to $3,400. Whales were not idle during this period. According to a graph provided by <strong>Santiment</strong>, whales purchased over 240,000 ETH during the recent price drop, amounting to approximately $840 million.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-361657 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/06/ali-1.png" alt="" width="558" height="421"></p> 
<p style="text-align: justify">The graph provides striking details about the whales’ movements over time. It shows a relatively stable number of large ETH holders, or whales, since the end of March. This stability suggests whales were likely holding onto their ETH, anticipating a price increase. However, in early April, there is a noticeable increase in the number of whales, coinciding with a sharp rise in ETH price. This indicates that whales contributed to the price increase and boosted market confidence.</p> 
<p style="text-align: justify">By mid-April, the graph shows a decline in the number of whales. This decline may indicate that significant investors took profits, leading to short-term price fluctuations. By the end of April and early May, the number of whales stabilized again. However, ETH price continued to fluctuate with sharp rises followed by declines.</p> 
<h2 style="text-align: justify" id="parallel-with-price-increases">Parallel with Price Increases</h2> 
<p style="text-align: justify">By mid-May, the number of whales increased again, reaching a new peak. Correspondingly, ETH’s price also rose sharply. However, by early June, there was a slight decline in the number of whales, occurring simultaneously with a drop in ETH price.</p> 
<p style="text-align: justify">Overall, the graph shows that the actions of large ETH holders, or whales, have a significant impact on ETH price. An increasing number of holders is usually associated with price rises, while a decreasing number corresponds with price drops. This indicates that Ethereum whales play a crucial role in market dynamics and should be closely monitored.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/whales-buy-240000-ethereum-during-price-drop/" data-wpel-link="internal">Whales Buy 240,000 Ethereum During Price Drop</a></h5>

Whales Buy 240,000 Ethereum During Price Drop

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