The volatile nature of the cryptocurrency market is once again on full display as Ethereum, the leading altcoin, goes through a series of significant price fluctuations in the past 24 hours. After a sharp decline that saw millions of dollars worth of positions liquidated in just an hour, Ethereum dropped by 3.1% to hit $3,411 at one point.
However, a quick turnaround followed, and within 20 hours, ETH is now trading at $3,591, showing a remarkable 5.3% gain from its recent low. This rapid shift in price has led to increased activity from crypto whales, the influential entities in the market that hold substantial amounts of cryptocurrency.
Spot On Chain recently reported a massive deposit of 9,000 ETH, equivalent to $32 million, by a whale known as “0x347” on Binance. This deposit marks the largest by the entity so far, bringing their total holdings to 29,738 ETH, valued at approximately $106 million, with an estimated profit of $68.5 million.
In contrast, reports from Lookonchain have highlighted significant purchases by another whale, who acquired 10,309 ETH worth $35.82 million during the recent market dip. This same whale had also made a substantial investment just before Bitcoin’s surge on April 8.
The contrasting moves by these major players indicate differing views on Ethereum’s short-term trajectory. While some interpret the price recovery as a bullish continuation of the trend, others believe it may be a temporary technical rebound. With Ethereum remaining a hot topic of speculation and interest in the crypto world, market participants are closely watching these whale activities for potential insights.
