- Ethereum has been down 19.28% in the last 24 hours.
- Ethereum whales performed 2,956 transactions worth over $1M apiece.
After falling below $2,000 versus the US dollar, Ethereum started to show signs of weakness. Below the $2,000 mark, it is more vulnerable to further declines. According to CMC, the Ethereum price today is $1,892.92 USD, with a 24-hour trading volume of $54,535,956,604 USD. Ethereum has been down 19.28% in the last 24 hours.
Not just Ethereum, but it’s the case in almost every other crypto. Bitcoin is trading in the $27.5K range, down 11% in the last 24 hours. It will be a long before we see any good movement from the larger market, which is now in utter panic. For the second time this year, the fear index has fallen to its lowest level, and investors should hang on to their assets until there is some optimism in the market.
Many Ethereum (ETH) trades have taken place in recent weeks, despite severe losses throughout the crypto market. Santiment data shows that on Wednesday, Ethereum whales performed 2,956 transactions worth over $1M apiece, the most in over five months, according to whale transactions. According to Santiment, a whale account has a balance of $1 million or more.
The data comes as the ETH/BTC pairing shows relative strength, despite the Terra-based contagion that continues to exert negative pressure on the market and overall mood. On May 6, ETH/BTC hit a three-week high, and market research points to a possible breakout, especially since Bitcoin and Ether are approaching their historic purchase zones.
Beacon Chain’s launch in December 2020 marks the beginning of Ethereum’s transition to proof-of-stake (PoS). According to statistics from Glassnode, Wednesday was the greatest one-day movement of Bitcoin from Whale Entities to exchanges.