Amidst the highly volatile price action of Ethereum in recent days, a new wallet has emerged accumulating a significant amount of ETH from Coinbase, causing a buzz in the crypto community. On-chain trackers have revealed that this new wallet has acquired nearly 29K ETH in the past 24 hours, sparking hope for the future of the coin.
Alongside other whale accumulations reported in the past day, this market data has generated optimism for a potential price surge for Ethereum in the near future. Let’s delve deeper into the recent developments and price movements of this popular token.
ETH Accumulations Point Towards Positive Outlook for Ethereum Amid Legal Challenges
According to on-chain data circulating in the global crypto space, approximately 39K ETH has been accumulated in the last 24 hours. The wallet address 0xdfd was observed acquiring 28.99K ETH from Coinbase, valued at $83.8 million. Additionally, address 0x48e was seen accumulating 10.04K ETH from Bitstamp, amounting to $29.03 million.
These transactions occurring during a period of Ethereum’s monthly correction have instilled confidence in a potential price rally for Ethereum in the coming days. However, it’s important to note that Ethereum’s recent turbulent movements coincide with the ongoing ETH security lawsuit, adding uncertainty to the token’s future trajectory.
The approval of the much-anticipated Ethereum ETF hangs in the balance, pending the outcome of the legal battle with the U.S. SEC. Recent developments in the lawsuit have faced challenges, leading some analysts to speculate on the likelihood of the SEC rejecting an ETH ETF.
The combination of these legal uncertainties and the recent whale activity has sparked mixed reactions among crypto traders and investors. It’s important to remember that BTC ETFs were eventually approved after a prolonged legal process, keeping market participants on edge.
Also Read: Crypto Prices Today May 15: Bitcoin At $61K, Ethereum Dips As Market Declines
Ethereum Price Fluctuations
At the time of writing, ETH’s price has seen a 0.45% increase in the past 24 hours, currently trading at $2,906. The market cap has risen by 0.63% to $349.08 billion, while the 24-hour trading volume has decreased by 5% to $11.70 billion.
Data from Coinglass shows a 2.47% rise in ETH’s open interest to $10.83 billion, accompanied by a 14.15% drop in derivatives volume to $18.17 billion. These factors could be contributing to the token’s market volatility, with reduced trading activity and minimal investor interest.
However, the RSI indicator hovering around 39 suggests some downward pressure on the token. Combined with technical indicators signaling a sell signal, Ethereum’s short-term outlook appears uncertain, with its future heavily reliant on the outcome of the ongoing securities lawsuit.
Also Read: Best Buy Cryptocurrencies Under $5 For May
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