The Appearance of the Mystery Whale Makes Ethereum (ETH) in Action! - Kakiforex.com - Financial Market Media No. 1 in the World The Appearance of the Mystery Whale Makes Ethereum (ETH) in Action! The Appearance of the Mystery Whale Makes Ethereum (ETH) in Action!
InstaForex

July 24, 2021

The Appearance of the Mystery Whale Makes Ethereum (ETH) in Action!

 The value of Ethereum (ETH) has fallen sharply in recent months after hitting an all -time high (ATH) in early May before prices fell by more than 50%.


The perspective view, from the $ 4,300 price previously recorded, is now slipping below the price level of around $ 2,000 which has been a concern for investors.


A few days ago, it became a hot topic when an individual with a large crypto holding dubbed by the term ‘whale’ in the crypto community, had transferred a large amount to an unknown wallet with a transaction value of 100,000 Eth worth around $ 181 million, as reported on WhaleAlert’s twitter tweet on July 20th.


🚨 100,000 #ETH (181,944,560 USD) transferred from #Gemini to unknown wallethttps: //t.co/c2iHFWz4Mw


- Whale Alert (@whale_alert) July 19, 2021


After the transaction, Ethereum saw a positive price movement, producing an increase of over 6% in just 24 hours.


In the financial world, a ‘whale’ is an entity that has the power to affect market assets in triggering large -scale transactions.



Examining the ETH/USDT price movement chart, it can be seen that ETH has produced more than 20% jumps starting July 20 until the market opening today.


From a technical point of view, ETH still remained consistent with positive price movements until it managed to break the RBS zone (resistance become support) around $ 2,000 which has been tested several times before.


The next expectation, if the price movement remains consistent, the SBR (support become resistance) zone around $ 2,120 is the next focus to be tested before making a higher rise.


However, if the price movement shows a bearish trend again, the price is likely to decline back to the RBS zone around $ 2,000 to be tested before making a lower decline or it is just a retracement.


At the time of writing, Ethereum is trading around the price of $ 2,054 jumping over 2% in the last 24 hours.