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Fresh Wallet Gets 29K Coins From Coinbase, What’s Next?
Against the backdrop of highly turbulent Ethereum price action over the past few days, a new wallet appears to have accumulated colossal amounts of ETH from Coinbase, causing a stir in the crypto community. According to the insights offered by several trackers on the network, it was pointed out that this new wallet accumulated almost 29 thousand ETH in the last 24 hours, bringing hope for the future of the currency. Along with other whale accumulations recorded over the past day, this market data has sparked sentiments of strengthened price action for Ethereum in the future. Here is a closer look at the token’s recent cryptographic developments and price movements.
ETH Accumulations Signal Hope for Ethereum Despite Ongoing Legal Turmoil
According to network data emerging on the global crypto horizon, it has been observed that around 39 thousand ETH has been accumulated in the last 24 hours through CEX’s Coinbase and Bitstamp. As mentioned above, a new wallet, 0xdfd, was registered accumulating 28.99 thousand ETH of Coin base, worth US$83.8 million. Additionally, address 0x48e was recorded accumulating 10.04 thousand ETH from Bitstamp, worth $29.03 million.
The emergence of these transactions amid a period where Ethereum is showing signs of a monthly correction has sparked feelings of strengthened price action for Ethereum in the future. However, it is worth remembering that Ethereum’s recent turbulent movement comes in conjunction with the ETH security process saga, adding an enigma to the token’s future movements.
The fate of the long-awaited Ethereum ETF hangs in the balance, as its approval depends on the outcome of the ongoing lawsuit with the US SEC. Recent developments in the process, as reported by CoinGape Media, have encountered significant obstacles, leading Bloomberg analyst James Seyffart to suggest a greater likelihood of the SEC rejecting a ETH ETF.
This development, coupled with recent whale activity, has sparked mixed feelings among crypto market traders and investors. Adding to this intrigue, data from Whale Alert also highlighted some ETH dumps on Coinbase in the last 24 hours. However, it is worth remembering that even BTC ETFs were approved after a prolonged period of legal wrangling, keeping crypto market participants on alert.
Read too: Crypto Prices Today, May 15: Bitcoin at $61K, Ethereum Drops as Market Declines
Ethereum Price Flows
Meanwhile, at the time of writing, ETH Price has seen a 0.45% jump in the last 24 hours and is currently trading at $2,906. Its market value increased 0.63% to $349.08 billion, while 24-hour trading volume fell 5% to $11.70 billion.
Coinglass data illustrated a 2.47% increase in ETH Open Interest to US$10.83 billion, followed by a drop in derivatives volume of 14.15% to US$18.17 billion. This may be driving the token’s current market volatility, with reduced market activity and slight investor interest in the asset.
However, the RSI hovered around 39, suggesting slight negative pressure on the token. Along with technical indicators signaling a sell signal, Ethereum’s near-term outlook appears turbulent, with its future substantially dependent on the outcome of the securities court case.