Ethereum

2024

Million

Drops

<p>Ethereum is experiencing significant selling pressure, with its price falling below $3,400. As of now, ETH is trading at $3,436, down 4.23%, and has a market cap of $420 billion. On-chain data indicates that Ethereum ICO participants have begun liquidating their decade-old holdings.</p> 
<h3 id="ethereum-ico-whale-deposits-5-5k-eth-to-kraken">Ethereum ICO Whale Deposits 5.5K ETH to Kraken</h3> 
<p>On-chain data provider SpotOnChain has recently reported significant activity from an early <a href="https://coingape.com/markets/ethereum-price-reversal-whales-buy-700000-eth-dip/" target="_blank" rel="noopener">Ethereum ICO participant</a> just hours before the ETH price faced strong selling pressure. As per the report, the ICO whale deposited a total of 5.5K ETH worth $19.3 million to the Kraken exchange.</p> 
<p>Interestingly, it turns out that the same participant over the last two days has moved a total of 10K ETH worth $35.4 million to Kraken. At the ICO price of $0.31, the whale had originally received 150K ETH in 2015 for a total investment value of just $46.6K. Despite the recent transfers the whale participant still holds a total of 139K ETH, valued at $476 million across three wallets.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en">Just before the <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> further plummeted 3hrs ago, an <a rel="nofollow" href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> ICO participant deposited 5.5K <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($19.3M) to <a rel="nofollow" href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a>.</p> 
 <p>Notably, the whale:</p> 
 <p>• received 150K <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> in 2015 at an ICO price of $0.31 ($46.6K),</p> 
 <p>• deposited a total of 10K <a rel="nofollow" href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($35.4M) to Kraken in the past 2 days,… <a rel="nofollow" href="https://t.co/fzswTXi3yx">pic.twitter.com/fzswTXi3yx</a></p> 
 <p>— Spot On Chain (@spotonchain) <a rel="nofollow" href="https://twitter.com/spotonchain/status/1802905260371140817?ref_src=twsrc%5Etfw">June 18, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<h3 id="eth-price-downside-is-limited">ETH Price Downside Is Limited</h3> 
<p>Ethereum has been testing investors’ patience in the past few weeks. The ETH price has been moving sideways after failing to breach the $4,000 resistance. In the month of June so far, the <a href="https://coingape.com/price/ethereum/" target="_blank" rel="noopener">Ethereum price</a> has corrected almost 15%.</p> 
<p>Despite this, the on-chain indicators continue to show strength for Ethereum. In the last ten days, there’s been a massive withdrawal of 4.1 million ETH from the exchanges. As per data from Glassnode, there are only 12 million Ethereum or 10% of the total Ether supply sitting on the centralized exchanges.&nbsp; This is the lowest level of ETH supply on centralized exchanges since 2016.</p> 
<p>This bullish on-chain development, coupled with the launch of the spot Ethereum ETF can lead to strong capital inflows for Ethereum. Bloomberg analyst Eric Balchunas expects the <a href="https://coingape.com/breaking-bloomberg-analyst-updates-timeline-for-spot-ether-etf/" target="_blank" rel="noopener">spot Ethereum ETFs</a> to go live for trading by July 2. Thus, this could be the final pullback before the ETF goes live for trading and the ETH price resumes an upward rally.</p> 
<blockquote class="twitter-tweet"> 
 <p dir="ltr" lang="en"><a rel="nofollow" href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> is beautifully riding a bullish continuation wave.</p> 
 <p>Every time it forms a pattern, it turns bullish. We’ve got a bull flag in play right now. <a rel="nofollow" href="https://t.co/DQvztCsFY3">pic.twitter.com/DQvztCsFY3</a></p> 
 <p>— Yoddha (@CryptoYoddha) <a rel="nofollow" href="https://twitter.com/CryptoYoddha/status/1802703815202033759?ref_src=twsrc%5Etfw">June 17, 2024</a></p>
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<p>The post <a href="https://coingape.com/eth-price-drops-5-ethereum-ico-whale-moves-20-million-of-eth-to-kraken/">Ethereum (ETH) Price Drops 5% as ICO Whale Transfers $20 Million to Kraken</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Ethereum (ETH) Price Drops 5% as ICO Whale Transfers $20 Million to Kraken

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