Since March 14, 2024, the overall cryptocurrency market has continuously experienced price correction, with its value dropping massively during this period. Amid the ongoing price correction, three long-term crypto whales recently deposited a massive amount of Ethereum onto centralized exchanges in the last 24 hours.
Will the Ethereum price fall more?
On March 24, 2024, an on-chain analytics firm, SpotOnChain, made a post on X (previously Twitter) highlighting the recent actions of these crypto whales in the past 24 hours. According to the post on X, these long-term Ethereum traders and holders have deposited 32,527 ETH worth around $109 million to centralized exchanges in the past 24 hours. The on-chain analytics firm expressed their thoughts in the post, suggesting that the whales believe the recent correction was still not enough.
However, upon examining the data of these whales, it seems they might be making a profit from booking. According to data from the on-chain analytics firm, the whale address 0x213 deposited 12,500 ETH worth around $41.7 million to Kraken, with an average value of $3,339 per ETH. This whale initially received 120.9K ETH from the white-hat hacker in July 2017. However, after the recent deposit, this whale currently holds 12.2K Ethereum worth around $40.9 million.
Meanwhile, another whale address, 0x50b, deposited 11,600 ETH worth around $39.1 million to the world’s biggest cryptocurrency exchange, with an average price of $3,374 per ETH. This whale received their first Ethereum in December 2017. Following the ongoing price correction, this whale has deposited all of their Ethereum holdings, which amount to around 32.6K Ethereum worth approximately $108 million, to Binance so far, and has withdrawn 80 million USDT in the past three days.
One more whale address, 0x435, deposited 8,427 ETH worth around $28.2 million to Binance at an average price of $3,347 per ETH. However, currently, this whale holds a massive 62.3K WSTETH worth around $242 million.
Ethereum price performance analysis
These recent massive deposits by these three whales suggest that there might be a possibility that the crypto market, along with Ethereum, will experience further price falls. Additionally, the recent price fall that Ethereum is experiencing might be due to these massive deposits.
Currently, Ethereum is trading near $3,345, and in the last 24 hours, it has experienced a downside momentum of over 5.2%. If we look at the performance of Ethereum over a longer period, in the last seven days, Ethereum’s price has dropped by over 10%, whereas, in the last 30 days, Ethereum gained a price surge of over 13%.
