- Ethereum price rebounds past $3,150 after a significant dip below $3,000.
- A Matrixport-associated wallet withdraws $51.1 million worth of ETH from Binance.
- Since March 29, this wallet has withdrawn 67,286 ETH worth $228 million.
In a significant market move, Ethereum (ETH) prices rebounded strongly to surpass the $3,150 mark. This recovery occurred shortly after a dip below $3,000 amid escalating tensions between Israel and Iran. The price increase aligns with large-scale acquisitions by major investors.
Recent data from Etherscan indicates a notable transaction involving the withdrawal of 16,300 ETH from Binance. This transaction, worth approximately $51.1 million, links to a wallet associated with Matrixport. The event took place just 20 minutes before reporting and has added to a series of withdrawals from the same wallet since March 29. To date, this wallet has moved a total of 67,286 ETH, valued at $228.33 million, from exchanges.
The average price for these transactions is $3,393.5 per ETH. Matrixport’s consistent withdrawal pattern may point to strategic market maneuvers. It could indicate an anticipation of higher ETH prices or a move towards greater liquidity management.
In another significant activity, a major Ethereum holder, identified by their wallet address (0xE3477C73E4733D48306A955044E1fAefC649C08F), purchased 1,000 ETH from Binance. Valued at $3.15 million, this acquisition contributes to their total holdings of 8,300 ETH, now worth $25.12 million. These purchases occurred as the market saw a downturn, showcasing a trend of buying during dips.
The behavior of long-term holders also influenced the market dynamics. During the initial price drop from the monthly high of $3,700 on April 8, more than 55,368 ETH were sold. These assets had not moved for at least 180 days and were valued at around $204 million at the time.
However, during a subsequent market dip on April 11, the movement of dormant supplies was considerably lower. Only 31,165 ETH, valued at approximately $101.4 million, were traded. This reduction in selling pressure by long-term investors could support a more stable price environment for Ethereum in the coming days.
As per CoinMarketCap, Ethereum opened the week with a 4.66% increase over the last 24 hours, bringing its price to $3,245. Its market capitalization also rose by over 5% to reach $390 billion. Despite these gains, the trading volume for ETH has seen a significant reduction. It dropped by 31.71% from the previous day, totaling $22,693,856,909.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
