Ethereum Rebounds Above $3,150 After Binance Whale Activity

A notable transaction saw 16,300 ETH worth $51.1 million withdrawn from Binance to a Matrixport-linked wallet.

Last updated: April 17, 2024 5:23 PM

Published April 15, 2024 11:31 AM

Last updated: April 17, 2024 5:23 PM

Published April 15, 2024 11:31 AM

After briefly dipping below $3,000 due to the Israel-Iran conflict, Ethereum’s price has bounced back strongly, surpassing $3,150. This resurgence is fueled by whales buying significant amounts of ETH from exchanges during price dips.

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This wallet has frequently withdrawn $ETH from exchanges since Mar 29, withdrawing a total of 67,286 $ETH($228.33M) at an average price of $3,393.5.https://t.co/R43ImnYb5H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

One notable transaction involved a withdrawal of 16,300 ETH worth $51.1 million from Binance to a wallet linked with Matrixport. This adds to previous withdrawals totaling 67,286 ETH valued at $228.33 million since March 29, indicating strategic moves in the crypto market.

Another major player acquired 1,000 ETH worth $3.15 million during the market downturn, adding to their total holdings of 8,300 ETH worth $25.12 million.

Long-term investors also adjusted their holdings, selling off 55,368 ETH worth $204 million from the recent peak. However, during the latest dip, only 31,165 ETH worth $101.4 million were sold from long-dormant supplies.

The reduction in selling pressure by $104 million between price extremes could positively impact Ethereum’s price trend in the near future, especially if Bulls manage to push the price above $3,200.