Over the past day, the value of the second most capitalized cryptocurrency has shown high volatility. During the fall on Tuesday, the asset fell by 3.1% to $3,411 in 1 hour.
During this time, positions worth tens of millions of dollars were liquidated, reports U.today.
After that, the price rebounded to $3,591, marking a 5.3% increase from the day's low.
Ethereum's sharp fluctuations, as noted by crypto analysts, caused a surge in the activity of whales with significant asset holdings.
Analytics platform Spot On Chain registered an impressive 9,000 ETH deposit worth $32 million linked to wallet "0x347" on Binance. This turned out to be the largest ETH deposit from this whale to date.
Wallet "0x347" now holds 29,738 ETH, the approximate market value of which is now $106 million, and the whale's estimated profit margin is over 65%, or $68.5 million.
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In addition, Lookonchain's observations recorded large purchases by another whale of 10,309 ETH worth $35.82 million as the price of the asset plummeted to its lowest value. On April 8, the whale made another large investment before Bitcoin took off.
The crypto community is closely watching the whale's activity, which is also causing different opinions among industry experts regarding the trend of Ethereum's price movement. Some of the experts are confident that the price recovery will be a bullish continuation of the trend. And others at this point believe that this is just a technical rebound. As always, when the market is on the edge, ETH remains at the center of speculation and intrigue.
Open interest in Ethereum futures has risen to $15 billion, indicating that investors are bullish on the cryptocurrency.
At the time of writing, Ethereum was trading at $3,543, a change of +6.7% overnight.
Ether could get a strong bullish momentum if it overcomes the key resistance at $3,800. If there is a move above the $3,880 resistance level, Ethereum could even rise to the $4,000 resistance level.
In a different situation, if Ethereum fails to overcome the $3,600 resistance, it could start a new decline. The first support for the decline is near the $3,520 level.
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