Ethereum (ETH) news

Ethereum Approaches $3,000 Mark Amidst Whales’ Unusual Moves

Ethereum, the second-largest cryptocurrency by market capitalization, surged back to $3,000 in early trading today, recording an impressive annual growth rate of 81%, according to data. During Tuesday’s trading session, Ethereum briefly approached the $3,000 mark, a peak last reached in April 2022, though it struggled to surpass this level significantly.

While trading activities aimed to propel ETH beyond $3,000, the cryptocurrency is currently trading below that threshold, indicating that their efforts have not yielded the desired results yet. At the time of writing this report, ETH has risen by 1.93% in the last 24 hours to $2,977.

In an unexpected move, a significant whale decided to offload a substantial amount of ETH when the price attempted to reach $3,000. The whale disposed of 16,597 ETH, valued at $48.7 million, at a rate of $2,934 on decentralized exchanges (DEX) in the past 24 hours. This whale’s action has sparked some surprise in the cryptocurrency community, as it may indicate bearish sentiments or a profit-taking strategy.

It turns out to be a profit-taking strategy. Lookonchain reported that the whale made an approximate profit of $5.5 million through this move, involving the deposit of millions of dollars worth of ETH into exchanges. According to Lookonchain, the whale purchased 16,599 Ethereum for $43.16 million on the cryptocurrency exchange OKX through five wallets on January 12 when the price was $2,600, later selling it when the ETH price reached approximately $3,000.

Read more Renzo’s Strategic Initiatives: Paving the Way for a New Era in Ethereum Ownership

With the highly anticipated London Hard Fork scheduled for March 13, Ethereum developers have released Geth v.1.13.13, a minor update addressing several issues related to the upcoming KanKan mainnet fork. Alsages (version 1.13.13) significantly improves block production performance for KanKan point blocks and enhances memory stability across all Geth contracts, in preparation for this upcoming network upgrade.

Important Notice: Disclaimer Regarding Financial Advice
The information presented in this article is intended solely for informational purposes and should not be considered as financial advice. disclaims any responsibility for investment decisions made by individuals relying on the information provided herein. It is highly recommended to consult with a qualified professional or financial advisor before making any investment decisions. Your financial well-being is crucial, and seeking expert guidance ensures that your investment choices align with your individual financial goals and risk tolerance.

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