Ethereum
Fresh Wallet recovers 29,000 coins from Coinbase, what’s next?
Amid the very turbulent price action of Ethereum in recent days, a new wallet appears to have accumulated colossal amounts of ETH from Coinbase, causing a stir in the crypto community. According to information provided by many on-chain trackers, it was highlighted that this new wallet has accumulated almost 29,000 ETH in the last 24 hours, hinting at hope for the future of the coin. Coupled with further whale accumulations recorded over the past day, this market data has triggered sentiment of strengthened price action for Ethereum ahead. Here is a closer look at the recent crypto developments and price movements of the token.
ETH accumulations signal hope for Ethereum despite ongoing legal turmoil
According to on-chain data surfacing across the global crypto horizon, approximately 39,000 ETH is believed to have been accumulated in the last 24 hours via Coinbase and Bitstamp CEXs. As mentioned above, a new wallet, 0xdfd, has been registered, accumulating 28.99K ETH of Coinbase, worth $83.8 million. Additionally, the address 0x48e was recorded, accumulating 10.04K ETH from Bitstamp, worth $29.03 million.
The emergence of these transactions amid a period where Ethereum is showing signs of a monthly correction has triggered sentiment of stronger Ethereum price action to come. Nevertheless, it is worth remembering that Ethereum’s recent turbulent movement goes hand in hand with the Continued security of ETH saga, adding an enigma to the future movements of the token.
The fate of the highly anticipated Ethereum ETF hangs in the balance as its approval depends on the outcome of the ongoing lawsuit with the US SEC. Recent developments in the lawsuit, as reported by CoinGape Media, have encountered significant obstacles, leading Bloomberg analyst James Seyffart to suggest a higher likelihood that the SEC will reject a ETH ETF.
This development, coupled with recent whale activity, has sparked mixed feelings among traders and investors in the crypto market. To add to this intrigue, Whale Alert data also highlighted a few ETH dumps to Coinbase over the past 24 hours. Nonetheless, it is worth remembering that even BTC ETFs were approved after a long period of legal struggle, keeping crypto market participants on their toes.
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Ethereum Price Feed
Meanwhile, as of this writing, The price of ETH noted a 0.45% jump in the last 24 hours and is currently trading at $2,906. Its market capitalization rose 0.63% to $349.08 billion, while 24-hour trading volume fell 5% to $11.70 billion.
Coinglass data illustrated a 2.47% increase ETH Open Interest to $10.83 billion, followed by a decline in derivatives volume of 14.15% to $18.17 billion. This could be behind the current market volatility for the token, with reduced market activity and slight investor interest in the asset.
However, the RSI was hovering around 39, hinting at slight downward pressure on the token. Coupled with technical indicators signaling a sell signal, Ethereum’s near-term outlook appears turbulent, with its future largely dependent on the outcome of the securities lawsuit.
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