Ethereum Price Up 7% As Whale Scoops $50 Million Worth of ETH from Binance

After taking a dip under the $3,000 level soon after the Israel-Iran conflict escalated, the Ethereum price has given a good bounce back surging past the $3,150 level as of press time. This strong bounce back in ETH comes as whales scoop up major supplies from exchanges while buying the dips.

Ethereum Whale Scoops $50 Million Worth of ETH

Citing data from Etherscan, on-chain data provider Lookonchain has observed a substantial withdrawal of Ethereum (ETH) from Binance, linked to a wallet associated with Matrixport. The withdrawal, totaling 16,300 ETH equivalent to $51.1 million, occurred just 20 minutes ago.

This recent transaction adds to a series of withdrawals from exchanges by the same wallet since March 29. In total, the wallet has withdrawn 67,286 ETH, amounting to $228.33 million, with an average price of $3,393.5 per ETH. These consistent withdrawals indicate significant movement of Ethereum by Matrixport, suggesting potential strategic maneuvers in the cryptocurrency market.

A wallet related to #Matrixport withdrew 16,300 $ETH($51.1M) from #Binance again 20 mins ago.

This wallet has frequently withdrawn $ETH from exchanges since Mar 29, withdrawing a total of 67,286 $ETH($228.33M) at an average price of $3,393.5.https://t.co/R43ImnYb5H pic.twitter.com/qmmzAxHzCV

— Lookonchain (@lookonchain) April 15, 2024

Another mega whale (address: 0xE3477C73E4733D48306A955044E1fAefC649C08F ) acquired 1,000 ETH, valued at $3.15 million, from Binance during the market downturn. This latest purchase adds to their total accumulation of 8,300 ETH, amounting to $25.12 million, since the market experienced a decline.

ETH Price Momentum to Continue On Upside?

During the initial price retracement from the monthly peak of $3,700 on April 8, long-term holders offloaded more than 55,368 ETH, equivalent to around $204 million at the time, which had remained untouched for 180 days.

However, during the market dip on Friday, April 11, the dormant supply in circulation (180d) only amounted to 31,165 ETH, valued at approximately $101.4 million.

Between the two weekly extremes in ETH price, Ethereum long-term investors have decreased their selling pressure by $104 million. This reduction in selling pressure may have a favorable impact on Ethereum’s price dynamics in the upcoming days for several reasons.

Investors need to closely watch this recent bounce-back with bulls aiming to scale back the ETH price to $3,200 and above in order to confirm the uptrend.

Last week, reports suggested that Hong Kong would be approving the spot Ethereum ETF today, April 15. There’s yet some official confirmation required on this matter. This could prove to be an additional catalyst driving the ETH price higher.