The activities of a prominent Ethereum whale have baffled even seasoned cryptocurrency market analysts. This whale moved 450,000 ETH to an address linked to cryptocurrency exchange Coinbase. It is possible that if he sells these assets, he will have a significant impact on the ETH market.
Is this $738 million Ethereum Whale the weirdest?
Ethereum (ETH) whales, i.e. investors with substantial assets, have always been the subject of intrigue and speculation within the cryptocurrency community. They often exhibit behaviors that provide important information about market dynamics. However, the actions of an Ethereum whale, which has around $738 million worth of ETH, have left even seasoned market watchers scratching their heads.
This person has amassed a staggering 1.5 million ETH between 2016 and 2017. Then, on December 1, 2018, he transferred all that Ether he had accumulated. What happened next was an element of strategy. Perhaps it was an elaborate operation that combined some degree of diversion.
He split the huge ETH stack into chunks of 37.5K each and distributed it across a cluster of different wallets. It then regrouped these funds in larger portions of 150k ETH each. The pitch then left here untouched. Recent activity on this account has further increased the mystery. Whale recently transferred 450,000 ETH to an address associated with cryptocurrency exchange Coinbase. This maneuver raises other questions. Because such a large-scale move could significantly affect the ETH market if sold.
The motivations behind these actions remain speculative. Was it an attempt to cloak large transactions and avoid detection? Or could it be a highly sophisticated strategy to distribute risk across multiple wallets? Maybe it was preparation for a move we don’t yet understand. Indeed, the actions of this ETH whale aroused great curiosity in the crypto world. The timing of these transfers, the rigor in the way ETH is split and reassembled, and the subsequent transfer to Coinbase is undoubtedly confusing.
What will cryptocurrency do next?
Analyst Shayan Chowdhury assesses the technical outlook for Ethereum. Ethereum made a move for recovery. But the modest recovery shows the bears are benefiting from every slight rally. The bears are further consolidating their positions by pulling the price below the $1,730 immediate support level. If the bears are successful in pushing the price below $1,700, this will likely mark the start of a more significant correction. A minor support holds at $1,610. However, if this level falls, it is possible to extend the decline to $ 1,500.
Currently, ETH price is consolidating around $1,720-1,750. This shows that buyers are making an effort to prevent the ETH price from falling below the EMA20. On the upside, ETH price reaching $1,779 above the current consolidation range will indicate that the bulls are strongly defending the support level. A rise above the resistance line is likely to clear the way for an upside move towards $1,910.
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