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ethereum price surged above $3,000 as bulls reclaimed the psychological level amid a broader crypto rebound on Wednesday.
However, while eth price reached highs above $3,126, on-chain data shows that the cryptocurrency is facing a significant hurdle around the $3,200 level.
2 million addresses traded eth at $3200
According to data shared by IntoTheBlock on Wednesday via x, the $3.2k level could be a key level to watch in the near term as roughly 2 million addresses traded eth at that price. These addresses are currently in the red and may be looking to sell.
In May, ethereum price struggled between the $2.8k and $3.35k range before positive news helped buyers rally higher. Analysts at IntoTheBlock foresee a similar scenario playing out, noting that bullish news could prevent eth from falling. It’s a project that other analysts have pointed out, with the ethereum ETF expected to catalyze further gains.
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The impending approval for ethereum ETFs to begin trading will increase institutional interest, while the supply of eth on exchanges continues to decrease.
Whale withdraws $50 million worth of eth from exchange
Monday, Spot On Chain x.com/spotonchain/status/1810850804754174371″ target=”_blank” rel=””>shared that a whale or institution had withdrawn 16,449 eth worth over $50.3 million from the Binance exchange.
The whale withdrew his Ether from the exchange when the price of ethereum recovered above $3000. This is a trend that has been observed with eth whales in recent weeks.
It is worth noting that this appears to be the whale's first major accumulation of Ether. The entity or individual has moved all of their eth tokens to a new wallet to hold them.
While there have been significant movements by whales dumping exchanges, there have also been notable deposits. According to Whale Alert, an unknown wallet has just x.com/whale_alert/status/1811022683959620017″ target=”_blank” rel=””>transferred 8,909 eth is worth over $27 million to Binance.
Another address also moved 11,069 eth worth over $34 million from an unknown wallet to Coinbase earlier in the day.
Despite this, crypto Tony x.com/CryptoTony__/status/1810983804997169505″ target=”_blank” rel=””>says The move above $3000 is crucial for the bulls. ethereum price is currently hovering around $3117.
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