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An early Ethereum investor recently transferred more than $12 million worth of ETH to the crypto exchange, fueling the upward trend in net flows seen in recent days. Could this whale activity affect the price of ETH, which is nearing $3000?
One of the first Ethereum wallets to make a significant transfer
According to information provided by Spot on Chain, a substantial transfer of 4,153 ETH worth more than $12 million at current prices was made to the Coinbase exchange on May 13th.
Belonging to one of the early investors in Ethereum, this wallet has stored more than 9,000 ETH on various crypto exchanges since 2021, which represents a total value of more than $21 million.
Currently, this wallet still contains 2,566 ETH, which is equivalent to more than $7 million. This recent whale movement has contributed to a significant increase in positive Ethereum net flows over the past three days.
Although this transfer represents a relatively small amount compared to the total volumes traded on the crypto market, this type of activity can sometimes affect price dynamics and investor perception.
Increasing ETH inflow and increasing volume
Data from CryptoQuant highlights a remarkable increase in ETH inflows on crypto exchanges. While net flows have fluctuated between 3,000 and 4,600 ETH over the past three days, they have climbed to over 18,000 ETH at the time of writing.
At the same time, Ethereum trading volume rebounded above $10 billion after falling in the previous session.
This intensification of activity coincides with an uptrend in the price of ETH, which rose more than 1.7% to trade around $2,980, approaching the psychological $3,000 level, which is considered a key resistance zone. Analysts will be closely monitoring the development of these metrics in the coming days to assess their potential impact on market dynamics.
The recent transfer of $12 million worth of ETH by the first investor comes amid increasing inflows and rising volumes on the exchanges.
Although its direct effect on the price remains uncertain, this whale activity is undeniably contributing to the current excitement in the Ethereum market, which is approaching the symbolic $3,000 mark. The development of these indicators in the coming days will be decisive for predicting the short-term trajectory of ETH.
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I am passionate about Bitcoin, I love exploring the intricacies of blockchain and cryptocurrency and sharing my discoveries with the community. My dream is to live in a world where privacy and financial freedom are guaranteed for everyone, and I firmly believe that Bitcoin is the tool that can make this possible.
DISCLAIMER OF LIABILITY
The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.
