Ethereum Whale Transfers $5.8 Million Worth Of Ethereum – Is It Time To Secure Your Gains?

On Tuesday, Ethereum (ETH) price dropped below the $3,000 level after bulls could not capitalize on the 9% weekend recovery, which pushed ETH to a peak of $3,300 on April 28th. However, some recent whale activities have been observed, providing a ray of optimism. 

As Ethereum (ETH) showed early signs of recovery last weekend, the bulls orchestrated a 9% rebound between April 27th and April 30th. However, as the bulls couldn’t sustain the weekend demand surge, ETH bears swiftly regained control, leading to a 14% decline in the last 48 hours. Consequently, the price of Ethereum dropped below the $2,820 level for the first time in 75 days. 

Ethereum’s recent 14% price drop could be attributed to a lackluster announcement from the US Central Bank. On Wednesday, the US Federal Reserve declared its decision to keep its monetary rates unchanged, while retaining its aim for a 2% inflation rate target.

Despite the US inflation rate still hovering above 4%, numerous risk asset investors, including BlackRock CEO Larry Fink, have publicly anticipated multiple rate cuts in 2024.

Predictably, the Fed’s decision to freeze rates further intensified the bearish sentiments surrounding the crypto market, resulting in Ethereum’s price going down.

Meanwhile, as of April 28, the top 1,000 Ethereum wallets collectively held a balance of 75.11 million ETH. Despite a massive decline in ETH price, Ethereum whales have not reacted to the Fed rate pause. Instead, they have seized the opportunity of the price drop to increase their holdings. 

As of yesterday, May 2, Ethereum whales now possess a total balance of 75.14 million ETH, marking an increase of 6,000 ETH over the past three days. At the current price of $2,976.77, these whales have effectively injected approximately $18 million into the market this week.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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