Against the backdrop of Ethereum’s highly turbulent price action in recent days, a fresh wallet appears to have accumulated colossal amounts of ETH from Coinbase, causing a stir in the crypto community. Per insights offered by numerous on-chain trackers, it was pointed out that this fresh wallet accumulated nearly 29K ETH in the past 24 hours, glimmering hope for the coin’s future.
Coupled with further whale accumulations recorded over the past day, this market data has ignited sentiments of a bolstered price action for Ethereum ahead. Here’s a closer look into the token’s recent cryptographic developments and price movements.
ETH Accumulations Signal Hope For Ethereum Despite Ongoing Legal Turmoil
According to on-chain data surfacing across the global crypto horizon, roughly 39K ETH was noted to have been accumulated in the past 24 hours. As mentioned above, a fresh wallet, 0xdfd, was recorded accumulating 28.99K ETH from Coinbase, worth $83.8 million. Further, the address 0x48e was registered accumulating 10.04K ETH from Bitstamp, worth $29.03 million.
The emergence of these transactions amid a period when Ethereum shows signs of a monthly correction has ignited sentiments of a bolstered price action for Ethereum ahead. Nonetheless, it’s worth recalling that Ethereum’s recent turbulent movement comes in tandem with the ETH security lawsuit saga, adding an enigma to the token’s future movements.
The fate of the much-anticipated Ethereum ETF hangs in the balance as its approval is contingent on the outcome of the ongoing lawsuit with the U.S. 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 of the SEC rejecting an ETH ETF.
This development, coupled with the recent whale activity, has stirred up mixed sentiments among crypto market traders and investors. Nonetheless, it’s worth remembering that even BTC ETFs were approved after a prolonged period of legal tussle, keeping crypto market participants on their toes.
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Ethereum Price Fluxes
Meanwhile, as of writing, ETH’s price noted a jump of 0.45% in the past 24 hours and is currently trading at $2,906. Its market cap rose 0.63% to $349.08 billion, whereas the 24-hour trading volume dropped 5% to $11.70 billion.
Coinglass data illustrated a 2.47% increase in ETH’s open interest to $10.83 billion, followed by a derivatives volume dip of 14.15% to $18.17 billion. This could be driving the token’s current market volatility, with reduced market activity and slight investor interest in the asset.
However, the RSI hovered at around 39, hinting at slight downside pressure on the token. Coupled with the technical indicators flagging a sell signal, Ethereum’s short-term prospects seem turbulent, with its future substantially depending on the outcome of the securities lawsuit.
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