Whale Moves Shake Ethereum: Price Soars After Dump

• Ethereum’s price exhibited significant volatility, plummeting 3.1% before rebounding by 5.3% within a 24-hour period.
• Crypto whales made notable moves, with a record 9,000 ETH deposit.
• Divergent opinions among analysts reflect uncertainty regarding Ethereum’s short-term trajectory.

Ethereum (ETH) has taken investors on a wild ride in the past 24 hours. The altcoin’s price saw significant fluctuations, leaving traders on the edge of their seats.

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Following a sudden drop that resulted in the liquidation of millions of dollars worth of positions within a mere hour, Ethereum experienced a dip of 3.1%, bottoming out at $3,411. However, the market dynamics swiftly shifted, and within just over 20 hours, ETH rebounded, reaching $3,591—a remarkable 5.3% increase from its recent low.

During these turbulent price swings, the activities of crypto whales have garnered considerable attention from analysts. Notably, Spot On Chain reported a substantial deposit of 9,000 ETH, totaling $32 million, by a whale identified as “0x347” on the Binance exchange. This deposit marks the largest single ETH deposit by the entity to date, bolstering its holdings to approximately 29,738 ETH, valued at around $106 million, with a staggering estimated profit of $68.5 million.

Meanwhile, reports from Lookonchain unveiled significant acquisitions by another whale who scooped up 10,309 ETH, valued at $35.82 million, during the market downturn. This particular whale had also made sizable investments prior to Bitcoin’s recent surge on April 8.

The contrasting actions of these influential market participants reflect differing perspectives on Ethereum’s immediate trajectory. While some interpret the price recovery as a bullish signal, signaling the continuation of an upward trend, others remain cautious, viewing it as a potential technical rebound.

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