11 Wallets Receive 295,861 Ethereum ($1.19B) Amid Market Volatility
Ethereum's price has fallen over 11% since Monday, struggling to maintain the $4,000 level. The decline marks a shift in market sentiment, with sellers gaining momentum after weeks of upward pressure.
- Ethereum's current challenge is maintaining support above $4,000, a key psychological and technical level for traders.
- Lookonchain reports that institutions like Kraken, Galaxy Digital OTC, BitGo, and FalconX have transferred 295,861 ETH (approx. $1.19 billion) to 11 specific wallets.
- This transfer pattern suggests potential accumulation strategies or ETF-related demand by major players.
- Despite market volatility, this accumulation indicates confidence in Ethereum’s medium- to long-term prospects.
- The recent selloff could be a consolidation before another upward push if bulls hold the $4,000 line.
- Failure to maintain this level may lead to further declines toward $3,800 unless buyers regain momentum.
The current focus remains on whether Ethereum can defend $4,000 support, with potential for recovery if selling pressure eases. A rebound above key moving averages would signal renewed demand and possible stabilization.