- Ethereum whale transfers 5,000 ETH to the exchange.
- The approval of spot ETFs has not yet affected the ETH price trend.
Ethereum [ETH] Whale recently transferred approximately $15 million worth of assets to the exchange. The move comes shortly after news broke that ETFs had been approved in Hong Kong.
Did the whale transfer affect prices, and did the ETF approval affect prices as well?
Ethereum whales profit
data from look on chain It was recently revealed that an Ethereum whale moved 5,000 ETH to the Kraken exchange, which was worth over $15.4 million at the time of the transfer.
Further analysis showed that the same whale withdrew 96,638 ETH from Coinbase in September 2022. At this point, ETH was worth approximately $1,567, and withdrawals amounted to over $151.4 million.
This suggests that recent transfers were likely made to realize a profit, considering ETH has soared to over $3,000. Currently, Whale has 76,638 ETH stored in his wallet, worth more than $233.5 million.
Ethereum continues to fall
Analyzing Ethereum’s daily timeframe chart reveals a lack of recent profitability. Over the past three days, ETH has experienced a consistent downtrend after rising 4% on April 14th.
Despite this decline, it remains up 4% since the beginning of the week.
Source: Trading View
At the time of writing, ETH is trading at around $3,080, with a decline of less than 1%.
Moreover, these declines are reinforcing the bearish trend in ETH, as evidenced by the Relative Strength Index (RSI) hovering around 40 and the Moving Average Convergence Divergence (MACD) trending below zero.
These indicators collectively point to strong bearish momentum for ETH despite positive news from Hong Kong earlier in the week.
At the time of writing, Ethereum netflow data showed a trend of increasing ETH leaving the exchange.
However, by the close of trading on April 16th, 10,230 ETH had entered the exchange, resulting in positive net flow. Nevertheless, as of this writing, over 27,000 ETH outflows have been recorded.
Source: CryptoQuant
ETF approval has not yet affected ETH price movement
According to multiple reports, Hong Kong recently approved several spot Ethereum ETF proposals along with a spot Bitcoin ETF proposal.
Surprisingly, this confirmation has not caused any noticeable reaction in Ethereum price. This lack of response may be due to the lack of public statements from the SEC regarding the approval.
Given the history of fake news regarding spot BTC ETF approvals, investors should be wary of celebrating prematurely.
read ethereum [ETH] Price prediction for 2024-2025
Even if officially confirmed, the impact on the market may be minor as trading volumes have decreased.
Unlike the significant trading volume of BTC ETFs witnessed in the US, the expected trading volume in the Hong Kong market may not be enough to cause large market moves.
