Over $1 billion worth of Ethereum has been transferred, while price towards $5,000
Ethereum price continues to rise after dropping to $3,100, up to $500 in just three days. This suggests it is possible that ETH could be preparing for an explosive price movement, which could open the doors for an upswing towards $5,000.
ETH/USD 4-hour chart | Source: TradingView
Ethereum price skyrockets 18% in 3 days, $1,007,811,970 in ETH shifted by whales
ETH also plummeted on Monday from a high of $3,400 to as low as $3,100. Similar to BTC, ETH started to recover relatively quickly. Earlier today, the crypto approached $3,700 for a fresh weekly high. Despite the slight drop, it still stands above $3,600 and is up about 6% on the day. Since Monday’s low, ETH is up nearly 20%.
However, ETH could be gearing up for an explosive price movement as it lacks any resistance levels ahead, while the number of tokens available on known cryptocurrency exchange wallets plunges.
Since the ETH 2.0 deposit contract went live late last year, nearly 7.7 million ETH have been locked by more than 46,800 unique depositors. 7.7 million ETH equates to roughly $28 billion at the time of writing.
Source: Dune Analytics
Implementing EIP-1559 in the London hard fork on August 5 has also reduced the number of tokens in circulation. Over 303,000 ETH have been burned to date, worth roughly $1.1 billion, as AZCoin News reported.
The number of tokens available on trading platforms has plummeted to a three-year low of 19.45 million ETH. Meanwhile, the supply outside of these financial entities has reached a new all-time high of 98.31 million ETH.
The rising number of tokens being put out of circulation combined with the supply shortage on known cryptocurrency exchange wallets paints a positive picture for Ethereum’s future price growth. Technically, the reduction of ETH available to sell puts a cap on Ethereum’s price downside potential.
More than 580,000 addresses have previously purchased over 10 million ETH for $3,430 to $3,540. ETH would likely continue to trend upward towards $5,000 as long as this demand barrier holds since there are no significant supply walls ahead.
Whales shovel over 279,003 ETH
Whale Alert has tweeted that in the past 20 hours, an astounding amount of over $1 billion in Ethereum has been shifted. The senders and recipients of these transfers were anonymous whales and large crypto exchanges.
Source: Whale Alert
Over ten large ETH transactions were made, sending 279,003 ETH between anonymous wallets, while sometimes large Ethereum blocks were sent to and from major crypto exchanges. The most significant transfer carried 61,017 ETH (totaling $207,286,216) from one anonymous wallet to another. Other transfers moved 20,000 ETH on average, with the smallest carrying from 3,000 to 5,000 ETH.
A total of 12,697 ETH ($44,939,362) were sent from an unregistered wallet to the Huobi exchange. Someone also withdrew 33,333 ETH (the equivalent of $119,413,436) from Binance to an anonymous crypto address. The total amount of Ethereum transferred constitutes $1,007,811,970.
- Since Ethereum’s London Hard Fork, More Than 297,000 ETH Has Been Burned, Worth Just Over $1 Billion
- The Third Quarter Has Always Remained Quite Eventful For Ethereum Price, Predictably Increasing Above 40%