Ethereum’s Market Value Rebounds To $2,700 Amid Renewed Interest And Major Whale Movements

Ethereum has surged back to as high as $2,700, riding the wave of a broader crypto market rally.

Social media is abuzz with renewed excitement around the second-largest cryptocurrency by market cap, and margin trading activity is on the rise, with Ethereum wallets on leverage exchanges hitting 7-week highs.

🗣️ Ethereum's market value has rebounded as high as $2,700 as crypto continues to extend its rally. There is renewed interest toward the #2 market cap asset on social media, and margin/leverage exchange ETH wallets have spiked as well. Both are enjoying 7-week highs. 📈 pic.twitter.com/3dagDLoGQK

— Santiment (@santimentfeed) September 23, 2024

In a significant development, two major market participants moved a combined 8,510 ETH ($21.9M) to centralized exchanges (CEXs) over the past nine hours.

One of these players, an Ethereum ICO whale using the wallet “0xb8c,” transferred 3,510 ETH ($9.04M) to Kraken, marking their first major move in three months. Despite the sale, this whale still holds a substantial 136,000 ETH ($358M) across eight wallets.

Two major market players, including an Ethereum ICO participant and Genesis Trading's bankruptcy wallet, deposited 8,510 $ETH ($21.9M) to CEXs in the last 9 hours!

👉 #Ethereum ICO whale “0xb8c” sent 3,510 $ETH ($9.04M) to #Kraken again after 3 months. This whale still holds… https://t.co/83vDcHO6Qz pic.twitter.com/bRpdgKGVuH

— Spot On Chain (@spotonchain) September 23, 2024

Meanwhile, the wallet “0x999,” likely associated with Genesis Trading’s bankruptcy distribution, sent 5,000 ETH ($12.9M) to FalconX. This wallet retains 162,000 ETH ($423M) following the transaction.

Ethereum’s price is currently mirroring Bitcoin’s movements, with both assets experiencing alternating price swings in recent hours.

Ethereum Foundation With Steady ETH Offloads 

However, not all signs point to strength. The Ethereum Foundation has been steadily offloading ETH throughout September, selling another 200 ETH today for 527,989 DAI. This brings the total ETH sold this month to 1,150 ETH ($2.8M). Notably, these sales have occurred frequently, with the latest transaction happening just three days ago.

🚨🚨 The Ethereum Foundation has been selling $ETH at an alarming rate in September!

Just now, they sold another 200 $ETH for 527,989 $DAI again, bringing the total amount of $ETH sold in September to 1,150 $ETH ($2.8M).

Note that they have been selling $ETH every few other… https://t.co/hvVs63tfKl pic.twitter.com/3Bnv7V8OBd

— Spot On Chain (@spotonchain) September 23, 2024

In contrast to Bitcoin, Ethereum spot ETFs faced outflows last week. Ethereum ETFs saw a net outflow of $26.26M, while Grayscale’s ETHE witnessed a more substantial outflow of $46.38M, indicating potential caution among investors despite the recent rally.

Bitcoin spot ETF had a net inflow of $397m last week, Fidelity ETF FBTC had an inflow of $138m, and ARK 21Shares Bitcoin ETF AKRB had an inflow of $102m. Ethereum spot ETF had a net outflow of $26.26m last week, and Grayscale ETF ETHE had an outflow of $46.38m.…

— Wu Blockchain (@WuBlockchain) September 23, 2024

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

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Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch