Ethereum

Golem

Over the past 24 hours, Ethereum has seen a remarkable price growth and bounced back above the $3,000 mark. When writing this article, the cryptocurrency had surged to $3,048.21, a 1.11% gain for the day. This surge past the $3,000 mark shows a high level of bullish sentiment among traders and investors. 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXeTDH9HjCPjWrIWI2FelXTfoFwgswHUyah5kXJNlCcjJYhBGRiRMcg-TmnZ5q51YC5IdCH8mgcQVlH1FVBbmPfSzYetjUOk75srbQgi682pnxEH0Y4TaJ6zISy0mgVVbJL-hAZYAH0-RfXz1d3EYJ0ty1M?key=JLU7g4cmuqoLJE1ssTLq5Q" alt="Ethereum Price ">
 <figcaption class="wp-element-caption">
 ETH/USD 24 hr Price Chart (Source: <a href="https://coinmarketcap.com/currencies/ethereum/">CoinMarketCap</a>)
 </figcaption>
</figure> 
In the price recovery, ETH’s trading volume also increased and rose by 74.73% to $18,148,791,193. That trade volume increase indicates increased interest and trust in Ethereum’s market performance. Concurrently, the market capitalization of Ethereum increased by 2.15% to $366,403,812,856. 
<h2 class="wp-block-heading" id="h-golem-transfers-36-000-eth-to-exchanges">Golem Transfers 36,000 ETH to Exchanges</h2> 
While this price trend persists, Golem, a pioneer Ethereum-based project that was among the first to conduct an Initial Coin Offering (ICO) on the network, moved more than $100 million in ETH to exchanges last month. The report reveals that Golem collected millions during the ICO mania of 2016 and, to date, has not been able to recover from the losses of its token value, even with plans to develop artificial intelligence tools. 
<blockquote class="twitter-tweet">
 Golem, a project that raised 820,000 ETH in ICO in 2016, has transferred 36,000 ETH to Binance, Coinbase, Bitfinex, etc. in the past 37 days, worth about $115 million. Currently, Golem still has 231,400 ETH, worth about $656 million. <a href="https://t.co/EjLTyeEAmz">https://t.co/EjLTyeEAmz</a>— Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1810148153087173023?ref_src=twsrc%5Etfw">July 8, 2024</a>
</blockquote> 
According to <a href="https://www.thecoinrepublic.com/2024/04/18/arkham-report-on-richest-cryptocurrency-wallets-and-holdings/">Arkham</a>, the main wallet of Golem has moved millions of Ethereum coins to other wallets and the latter to exchanges, including Binance, BitFinex, and Coinbase. These transactions, which took place on a daily basis and involved sums of less than $10 million per transaction, are usually linked to sell signals in anticipation of further price declines. 
<h2 class="wp-block-heading" id="h-whale-traders-unload-13-680-eth">Whale Traders Unload 13,680 ETH</h2> 
In addition to Golem’s transfers, two notable traders have unloaded substantial amounts of ETH. One trader, known as smartestmoney.eth, deposited 6,440 ETH (approximately $19.5 million) to Binance around 21 hours ago. This move resulted in an estimated loss of $2.65 million from the latest trade despite a cumulative profit of $20.6 million from ETH trading activities. 
Another trader, identified as an inactive whale with the address 0x742, deposited 7,240 ETH (approximately $21.4 million) to Kraken four hours ago. This trader had held these tokens for over 1.5 years and realized an estimated profit of $12.83 million, representing a 149% gain. These large transactions by prominent traders can create volatility and impact ETH’s price movements. 
<blockquote class="twitter-tweet">
 As <a href="https://twitter.com/hashtag/Ethereum?src=hash&amp;ref_src=twsrc%5Etfw">#Ethereum</a> price dropped 7% again (24H), two smart traders went bearish and unloaded 13,680 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> (~$41M)! 1. smartestmoney.eth deposited all 6,440 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($19.5M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw">#Binance</a> ~21 hours ago. • Est. loss from the latest <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> trade: $2.65M (-7.74%). • Cumulative profit from… <a href="https://t.co/iKbZgmT2uO">pic.twitter.com/iKbZgmT2uO</a>— Spot On Chain (@spotonchain) <a href="https://twitter.com/spotonchain/status/1810148230937911708?ref_src=twsrc%5Etfw">July 8, 2024</a>
</blockquote> 
<h2 class="wp-block-heading" id="h-sec-approval-of-ethereum-etf-nbsp">SEC Approval of Ethereum ETF&nbsp;</h2> 
In a new update on July 8, Matrixport reported that the SEC is likely to approve an Ethereum ETF this week. This approval would mark the introduction of an exchange-traded fund tracking the spot price of Ethereum in the United States. Matrixport expects swift progress similar to the events in May when the SEC suddenly asked spot Ethereum ETF issuers to revise their applications. After 19b-4 filings by issuers, the SEC approved them within three days. 
<blockquote class="twitter-tweet">
 <a href="https://twitter.com/hashtag/Matrixport?src=hash&amp;ref_src=twsrc%5Etfw">#Matrixport</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c8.png" alt="📈" class="wp-smiley" style="height: 1em; max-height: 1em;">Today-Jul 8: SEC Will Likely Approve <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> ETF This Week<a href="https://twitter.com/hashtag/CryptoFinance?src=hash&amp;ref_src=twsrc%5Etfw">#CryptoFinance</a> <a href="https://twitter.com/hashtag/cryptocurrency?src=hash&amp;ref_src=twsrc%5Etfw">#cryptocurrency</a> <a href="https://twitter.com/hashtag/Crypto?src=hash&amp;ref_src=twsrc%5Etfw">#Crypto</a> <a href="https://twitter.com/hashtag/SEC?src=hash&amp;ref_src=twsrc%5Etfw">#SEC</a> <a href="https://t.co/83WVrVjrOZ">pic.twitter.com/83WVrVjrOZ</a>— Matrixport Official English (@Matrixport_EN) <a href="https://twitter.com/Matrixport_EN/status/1810211157627838681?ref_src=twsrc%5Etfw">July 8, 2024</a>
</blockquote> 
Subsequent to the SEC’s approval of the Ether ETF, Matrixport has forecasted an anticipated recovery in Ethereum’s price to reach $3,400. According to their analysis, this prediction is grounded in historical data showing an uptick of 20% in ETH’s value following SEC approvals of similar 19b filings. 
Adding to the bullish forecast, Bernstein, an asset management firm with assets totaling $725 billion, has set a long-term price target for ETH at $6,600. This projection is based on observed trends in which Bitcoin-related products experienced a 75% increase after receiving ETF approvals. 
The post <a href="https://www.thecoinrepublic.com/2024/07/09/ethereum-price-recovers-above-3000-hurdle-amid-whale-movements/">Ethereum Price Recovers Above $3,000 Hurdle Amid Whale Movements</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Ethereum Price Recovers Above $3,000 Hurdle Amid Whale Movements

Table of Contents

Thecoinrepublic.com

Other articles published on Jul 9, 2024

Golem Shifts 4,600 ETH to Binance and Bitfinex Amid Price Recovery

Aptos Makes Waves, Whales Set Sights on KangaMoon and Jupiter: Is a Major Altcoin Rally Brewing?

Germany Triggers Bitcoin Fluctuations

Our New Narrative: Delivering A Data-Driven AI Gaming Future

XRP Price Uptick: $4 Million Worth of XRP Tokens Exit Binance Amid Shifting Market Sentiment

Paxful Co-founder to Spend 5 Years in Jail, Guilty of AML Violation

Join our free newsletter for daily crypto updates!