- Ethereum’s whale transactions hit a high as price dips, hinting at possible accumulation.
- Surge in new wallet creations suggests growing interest from retail and institutional investors.
- Increased trading volume and volatile price movements reflect cautious market sentiment.
Ethereum saw a surge in whale transactions, reaching a six-week high as its price dropped to $2,380 on Friday. This rise in large transactions suggests a potential shift in the market, though its impact on Ethereum’s price recovery remains unclear.
Data from Santiment shows a rise in transactions over $100,000, coinciding with Ethereum’s recent price fluctuations. Increased whale activity brought increased volatility, with large candlestick movements on the Ethereum price chart.
This six-week high in whale transactions also coincided with a 51.86% increase in trading volume, reaching $23.74 billion.
Record Wallet Creation Hints at Broader Investor Interest
Ethereum also saw a surge in new wallet creation, with 6,428 wallets generated in a single day. This spike, occurring alongside large whale transactions, shows growing interest from both new and existing market participants, possibly driven by broader crypto trends or upcoming Ethereum network developments.
Read also: Ethereum Whales Unload $53M ETH When Price Surged Above $2,600
Ethereum’s price settled at $2,455.37, down 1.50% over the last 24 hours. After a midday peak near $2,500, Ethereum faced resistance and dropped before recovering.
Additionally, Ethereum’s market capitalization stands at $295.62 billion. Ethereum’s market worth remains stable despite recent price declines, with the circulation and total supply matching at 120.4 million ETH.
Technical Indicators Signal Caution
Technical analysis reveals mixed signals on Ethereum’s momentum. The MACD remains bearish, with the MACD line at -16.51 below the signal line at 6.25, indicating continued caution among traders.
Meanwhile, the RSI stands at 43.73, below the neutral 50 mark, showing mild bearish sentiment, though not yet in oversold territory.
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