Ethereum (ETH) remained relatively stable, with little movement, as the market continued to await a catalyst.
This trend is not unique to Ethereum, as other major index funds are also experiencing similar sideways movement, indicating a positive correlation between ETH and the traditional financial market. What does this scenario suggest?
Since the launch of spot Bitcoin ETFs in the USA, Ethereum’s correlation with the traditional market has surpassed that of BTC. Ethereum has demonstrated a stronger correlation with indices like the Nasdaq 100, S&P 500, and Dow Jones Industrial Average compared to BTC. This is evident in recent price movements, where Ethereum has traded sideways in line with these indices.
While Ethereum’s price remains stagnant, significant players are taking action behind the scenes. Spot on Chain reports that an individual involved in the initial coin offering (ICO) has sold 2,000 ETH for 6 million USDC at $2,997. This whale initially purchased 33,213 ETH at $0.31 during Ethereum’s Genesis ICO, has now sold 5,110 ETH, and retains approximately 29,700 ETH across three wallets.
As per Lookonchain, a whale made significant moves yesterday by investing 10 million USDT acquiring 3,279 ETH at $3,050. Subsequently, on Thursday, they withdrew 21,474 ETH valued at $64.7 million from Binance. Since April 8, this whale has procured a total of 107,931 ETH from decentralized exchanges and Binance.
At press time, the Ethereum token has recorded a gain of 1.26% and is presently priced at $3,099.57. ETH’s market capitalization has increased by 1.14%, while the 24-hour trading volume has surged by 5.70%. This substantial price increase has quickly generated excitement within the crypto community, fueling speculation about a remarkable market recovery as the BTC halving approaches.
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