News

Ethereum Faces Minor Setback Following Weekend Rally

After experiencing a notable rebound last weekend, Ethereum appeared to be on an upward trajectory, surpassing the $3.6K mark after enduring a significant dip of up to -25% between March 11th and 19th.

However, today saw a modest decline of 5% in the price of Ethereum.

In recent hours, Wintermute, a prominent player in the cryptocurrency space, made significant moves involving Ethereum transactions. 

Wintermute unpledged 6,000 ETH, previously deposited in Lido and valued at approximately US$21.66 million. 

These funds were then transferred to the address 0xDBF…dC080, before being recharged to various platforms including OKX, Kraken, and Binance ETH, totaling a value of $25.41 million.

Ethereum Price Drops From 3,600 To Around 3,451

As a result of these developments, the price of ETH briefly dipped below the $3600 mark, with the current value standing at $3,451.

Related Post

Interestingly, despite today’s minor setback, Ethereum witnessed a surge in the number of addresses holding coins last weekend, reaching an All-Time High of 118.23K. 

Additionally, mid-term MVRV indicators exhibited a subtle bullish signal before the recent decline.

The fluctuating dynamics of Ethereum’s price movements underscore the inherent volatility and unpredictability within the cryptocurrency market. 

While recent trends may have presented challenges, Ethereum continues to remain a focal point for investors and enthusiasts alike, with its underlying technology and potential for growth continuing to drive interest and speculation.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!

Image Source: nexusplexus/123RF // Image Effects by Colorcinch

Will Izuchukwu

Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.

Share
Published by
Will Izuchukwu

Recent Posts

These 3 Cryptos Might Rival Solana, Offering Growth Potential For Investors

Solana's (SOL) meteoric rise surprised the crypto world, leaving many investors feeling they missed out…

2 hours ago

SOL Market Cap Hits $100 Billion as Possible Infinaeon Long-Term Price Targets Surge

The SOL price has surged to well over $200 as its market capitalization exceeded $100…

2 hours ago

XRP Price Prediction: Ripple Could Hit $3 as in 2018 Soon, but RCOF Could Rise Above it from $0.05

When the XRP price shot past $3 in 2018, it carved its place as a…

2 hours ago

BlockDAG’s 100% Bonus Energizes the Market & Cutoshi’s Presale Surges

BlockDAG Drops a Huge 100% Bonus in the Bull Run As Cutoshi Presale Heats Up!…

5 hours ago

Solana Meme Coin Duo PNUT and ACT Rocket On Binance Listings, Could This Altcoin Be Next?  

Memes have been on fire lately, with Solana newcomers Peanut The Squirrel and Act 1:…

7 hours ago

Cardano Price Rockets 50% in a Week! Experts Reveal the Next Crypto to Watch

Cardano price has lit up the crypto world with a dramatic 50% price surge that…

7 hours ago