• Ethereum’s price surged past the $1,800 mark and was trading at $1,777 at the time of writing.
• 18,657 ETH (around $33,130,425) was recently transferred to Binance exchange which caused concern among investors.
• A whale transaction on the Ethereum blockchain with a fee of only $1 impacted the asset’s value by causing panic among other investors.
Ethereum Price Meteoric Rise
Ethereum price experienced a meteoric rise until Saturday when a significant portion of the digital asset was transferred to Binance exchange. This transfer of 18,657 ETH (around $33,130,425) caused shockwaves through the market as investors were worried about a potential sell-off resulting in a decrease in its market value. Despite its earlier gains, Ethereum is now facing uncertainty as further developments await.
Microsoft Edge Reportedly Creating A Crypto Wallet
Following a prolonged period of consolidation, ETH broke out on March 10 and has been off to an impressive start ever since leading to an increase in its value and surging past the $1,800 mark. However this positive sentiment was quickly replaced by worry due to the large transfer of coins from one wallet to another disrupting the stability of Ethereum’s price.
Whale Move Causes Uncertainty
When whales move coins it can signal their sentiment towards that asset which could lead to panic among other investors resulting in further decline in price. This is what happened when an unknown wallet believed to belong to a wealthy whale made a transaction with only $1 fee at 1:30 AM ET on Friday causing Ethereum’s price to drop by 2.53%.
Potential Sell-Off?
The sudden whale move has caused concerns about whether there may be potential sell-offs happening and if they will affect Ethereum’s future performance negatively or not. Investors are anxiously awaiting any future developments that may arise from this situation before making any decisions regarding their investments in Ethereum related projects or assets.
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