The top altcoin led the market recovery on the back of recent Bitcoin gains. Ethereum, the second-largest cryptocurrency by market cap was finally above the $3000 psychological barrier as the market bullish momentum seemed to regain strength.
Nonetheless, there was some peculiar market movement over the last few days which may have had a part to play in ETH’s current trajectory.
Ethereum Worth $1.3 Billion Moved
In the last one day itself, larger amounts of Ethereum have been moved between anonymous addresses. Data from crypto tracking service Whale Alert pointed out that in the early hours of 10 February, 100,000 ETH worth $318,372,739 at that time was transferred from unknown wallet to unknown wallet.
Furthermore, just a few hours from press time, 8,797 ETH close to $28,435,772 was transferred from an unknown wallet to Huobi.
While another 4,670 ETH worth $15,059,527 was transferred from an unknown wallet to Binance around the same time.
The ETH exiting wallets and entering exchange balance could mean that some HODLers were taking advantage of the $3,224 ETH price at press time and may have the intention to sell.
Intriguingly, a large sum of over, 415,610 ETH over more than 10 large transfers has been moved, in the last week and this amounts to over $1.3 billion worth of ETH in fiat.
While there has been a lot of Ethereum moving around, for now, ETH’s price has charted a commendable recovery, in fact, it is one of the fastest ETH recoveries from a 50% drawdown since the coin’s inception.
Where’s ETH Price Headed?
Ethereum’s price has recovered by roughly 50% after the top altcoin bottomed near $2,150 on 24 January.
The coin’s price saw a decent jump on 7 February which was partly triggered by the KPMG news as part of the Big Four accounting giants, announced that the firm is adding Bitcoin (BTC) and Ether to its Canadian division’s balance sheet.
Soon after the news, BTC rallied to over $45,500 which was the coin’s highest price level in over a month. ETH and BTC recovery came as a whiff of fresh air to the largely rangebound market.
For now, Ethereum’s overall network growth seemed decent as the Total Value in the ETH 2.0 Deposit Contract just reached an ATH of 9,369,538 ETH.
— glassnode alerts (@glassnodealerts) February 10, 2022
Nonetheless, while price-wise ETH’s trajectory seemed largely bullish at press time, ETH HODLers diversifying could mean that some investors were taking advantage of the recent price uptick.
The next big ETH price resistance stood at the $3400 mark and a move above the same could push the coin forward, however, BTC’s move below the $43K zone could lead to ETH’s price fall too.