Dormant Wallet Shifts 10.2K Ethereum Amid Silvergate Debacle; ETH Price Dump Ahead?

Ethereum Price News: Ethereum, the world’s second largest crypto, is trading under immense selling pressure due to the increased volatility due to the Silvergate Debacle. Investors look hesitant to reenter the market as Silvergate warned of going out of business in the latest filings. However, a dormant whale wallet was caught moving out of its reserve amid the collapsing market.

Can ETH Whale Lead To Price Dump?

As per the On chain data, a dormant whale wallet moved out 10,266 of its Ethereum reserve in multiple transactions amid the recent price dip. The whale address shifted approx $16 million worth of ETH in a single transaction. Tracker reports that the moved Ethereum was obtained through mining in 2017.

It added that out of moved 10,266 Ethereum, the whale transferred 1,322 ETH (approx worth $2 million) to the Poloniex crypto exchange. However, Ethereum price has taken a hit of around 5% over the past 7 days to trade in the range of $1.6 price level.

After recovering from the Sam Bankman-Fried’s (SBF) FTX fallout, the crypto market saw another major dump in the first week of March. California-based bank, Silvergate Capital Corp decided to halt its digital asset payment network. This comes after the bank highlighted its viability. Read More Ethereum Price News Here…

Shanghai Upgrade To Pump Ethereum?

Ethereum prices are up by 30% on a year to day (YTD) basis. However, ETH price witnessed a slow track over the past 30 days, registering a price decline of 6%. Its 24 hour trading volume has dropped by 2% to stand at $4.78 billion.

However, the Ethereum Network is moving towards a new upgrade, Shanghai hard fork. It is expected that this upgrade will surely impact the ETH price in a positive way. Meanwhile, the developers have again pushed the upgrade to early April.

The stakers are in pursuit to place their bets. Meanwhile, a report depicts that only 16% of the stakers are in profit ever since the staking began.