Ethereum’s price surpassed $3,000 Wednesday, as bulls claimed the psychologically important level.
On-chain data indicates that the crypto faces a major hurdle around $3,200.
Two million addresses exchanged ETH for $3,200
IntoTheBlock, which shared data on Wednesday through X via X said that the $3.2,000 level might be a level of interest to monitor in the short-term as approximately 2 million addresses have traded ETH for this price. These addresses may have a loss at the moment and be trying to sell.
Positive news in May helped to push the Ethereum price higher. Analysts at IntoTheBlock see a similar situation unfolding. They note that positive news can prevent ETH from reversing downward. Other analysts have also emphasized this project, and the Ethereum ETF is expected to help accelerate further gains.
Ethereum’s ETFs, which are set to begin trading soon, will boost interest among institutions. However the exchange supply of ETH continues to shrink.
Whale withdraws $50,000 in ETH
On Monday, spot on chain shared Binance has reported the withdrawal of 16,449 ETH, worth more than $50.3million by a whale.
Whales withdrew Ether as Ethereum’s price rose above $3,000. In recent weeks, ETH whales have been following this trend.
It appears that this was the whale’s very first big accumulation of Ether. This entity has transferred all of their ETH tokens into a new wallet.
Whales have made significant deposits and withdrawals from the exchange. Whale Alert reported that an unknown wallet appeared just moments ago. transferred Binance has received 8,909 ETH, worth $27 Million.
Earlier in the day, another address sent 11,069 Ethereum worth $34,000,000 from Coinbase to an unidentified wallet.
Crypto Tony says Bulls must move beyond $3k. Ethereum’s price is hovering around $3,117.
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Source: crypto.news