As market sentiments in the crypto market remain bearish, some crypto whales are attempting to take advantage of the situation. While some are taking entry positions right now to make profits once the market returns to bullishness, others are making additional entry positions to increase their profits.
The Large-Scale ETH Order
Even though there was no effect of the large ETH buy order on the market, the analytics firm that tracks large crypto transactions, Whale Alert, observed a $100m worth of trade today. The transaction showed that a crypto whale moved 24K ETH from Gemini to an unknown wallet.
Whale alert noticed that this wallet has been making various ETH transactions, which means an exchange or a project might own it. However, the analytics firm couldn’t confirm the details. Even though Whale Alert’s tweet indicates that the value of the transaction is slightly over $100m, ETH has since lost 8.5% of its value. Hence, the 24K ETH is now worth $91.9m as of this writing.
Whale Alert Tweet. Source: Twitter
The crypto market’s huge volatility has pushed crypto whales to make some transactions with their crypto wallets. Various analytics showed that these whales’ crypto transactions have increased by an average of 85%. Most publicly-revealed transactions are from the exchanges, indicating that most of the sell transactions are from retail traders and not institutional investors or crypto whales.
New ETH Update About To Go Live
The rising volatility in the crypto market may cause ETH developers to perform their December 8 update on December 7, 2021. The primary goal of these updates is to modify different mechanisms currently available on the network. The update will be in two folds – the difficulty bomb (DB) and the ice age.
The former will be done before the latter. Only POW networks on Ethereum’s blockchain will be affected by the DB update. It is designed to prevent minors from issuing new blocks. The DB update has been delayed because of the recent switch in ETH from a pow to a POS protocol. The ice age update can only be performed after miners stop deciphering new blocks.
Ether Price Movement
Even though ETH currently trades at an 11.5% loss over the last week, its performance is slightly better than BTC, trading at a 17% loss within this same timeframe. As of this writing, ETH trades at $4.03K, which is a better price-performance than BTC. Many crypto analysts claim that ETH dominance over BTC is now at a 4-year peak.
Generally, the crypto market has been bearish since December 3. But the market is only showing minor signs of improvement. The fast spread of a new COVID-19 variant and the Fed’s dovish stance on the crypto market is supposedly the cause of this significant decline in the crypto market. ETH has already dipped below $4.09K, and it is likely to hit the next two crucial supports at $3.89K and $3.73K levels in the upcoming trading sessions unless a significant reverse happens.