By
Godfrey Benjamin
April 29th, 2024
Different experts have different ideas about how the actions of these big market players will affect Ethereum price in the short term.
In recent weeks, the price of Ethereum (ETH) has been very unstable, with significant swings happening in a short amount of time. At first, the cryptocurrency’s value fell by 3.1% to $3,411, but it quickly rebounded again to $3,591, a substantial 5.3% gain.
This sudden change in price occurred simultaneously with a significant amount of activity from “whales”, or large cryptocurrency holders. One wallet in particular, identified as “0x347”, has drawn the attention of market watchers.
Ethereum Whale Activity amid Market Swings
Whale behavior stands out in light of recent swings in Ethereum’s price. Notably, on the Binance market, “0x347” made the highest deposit to date – $32 million, or 9,000 ETH.
The substantial amount of Ethereum increased “0x347’s” holdings to 29,738 ETH, or almost $106 million. The whale expects this transaction to generate an enormous profit of nearly $68.5 million.
Furthermore, according to Etherscan data, shared by Lookonchain, another whale just purchased a significant amount of Ethereum, as Lookonchain shared. The whale reportedly spent $35.82 million on 10,309 Ethereum. The market was experiencing a decline at the time of this transaction.
On April 8, the same address made another big investment. They bought 10,643 ETH, which was worth about $36.75 million at the time.
Different experts have different ideas about how the actions of these big market players will affect Ethereum price in the short term. Some see the price recovery as a good sign that the bullish trend will continue, which means that prices could go up even more. Others see it as a short technical turnaround, suggesting that prices could go down again in the future.
Ethereum (ETH) Price Market Analysis
ETH/USDT Price Chart. Photo: TradingView
In close alignment with the 100-hourly simple moving average, Ethereum is still hovering above $3,500. Critical levels of $3,650, $3,725, and $3,780 are projected above the initial resistance around $3,600. If it surpasses $3,800, the price of Ethereum will likely begin to rise.
There may be a decline in Ethereum if it is unable to breach the $3,600 barrier. Around $3,520 is probably the first level of support, and around $3,500 is probably the strongest level. Further downward movement could lead to a test of the $3,400 zone.