Despite a weekly pullback in Ethereum’s price trajectory, the world’s second-largest crypto by global market cap has once again sparked substantial investor attention. Today, on May 3, Ethereum’s price not only regained an upward momentum but also surpassed the significant $3K mark, a positive development that has reinvigorated the market, instilling a sense of optimism among investors.
This upward trend, coupled with a considerable spike in whale activity, has ignited a flurry of interest surrounding the token’s future price movements. Nearly 36,000 ETH was shifted over the past day, with whales dumping and buying and buying the so-called ‘eternal Solana rival’ token in hand.
ETH Whale Activity: A Closer Look
Insights from on-chain analysis platforms reveal that a total of 36,762 ETH was moved in the past day. Notably, whale 0xf83c… made a significant move by transferring 25,772 ETH to Coinbase Institutional, a prominent player in the crypto industry. In contrast, whale 0x0b4… acquired 10,990 ETH from Coinbase during the same period, showcasing contrasting strategies.
These transactions, coming in tandem with Ethereum’s recent turbulent price action, have ignited mixed sentiments within the broader crypto market. While one whale continued to buy the token amid a broader market dip, the other whale dumped colossal amounts of the same token, underscoring a bearish sentiment amid ETH’s status as a security saga.
Nonetheless, the price trajectory’s upward movement at press time skewed the scale more toward the optimistic side.
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ETH Price Jumps
As of writing, Ethereum’s price jumped 3.08% in the past 24 hours and currently sits at $3.001. The token witnesses a high price flux movement at the $3K mark, with its monthly charts illustrating a consolidatory phase.
Crypto market enthusiasts continue to extensively eye the token for further price action shifts as the security lawsuit and a post-BTC halving rally remain poised to impact the token’s market dynamics.
It’s worth noting that XRP, a Ripple Labs-backed token, has been on a sluggish price trajectory ever since it entered a legal tussle with the U.S. SEC. On the other hand, a post-halving rally usually pushes a parabolic uptrend in altcoins as well, historical data suggests, although it’s not always a guarantee of future price movements.
Also Read: Michael Saylor Attacks Ethereum Calling It A Security, Disapproves spot ETF
Read More: Ethereum Price: Whales Move 36K ETH As Price Regains Momentum, What’s Next?
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