Ethereum Faces Minor Setback Following Weekend Rally

After experiencing a notable rebound last weekend, Ethereum appeared to be on an upward trajectory, surpassing the $3.6K mark after enduring a significant dip of up to -25% between March 11th and 19th.

However, today saw a modest decline of 5% in the price of Ethereum.

In recent hours, Wintermute, a prominent player in the cryptocurrency space, made significant moves involving Ethereum transactions. 

Wintermute unpledged 6,000 ETH, previously deposited in Lido and valued at approximately US$21.66 million. 

These funds were then transferred to the address 0xDBF…dC080, before being recharged to various platforms including OKX, Kraken, and Binance ETH, totaling a value of $25.41 million.

Ethereum Price Drops From 3,600 To Around 3,451

As a result of these developments, the price of ETH briefly dipped below the $3600 mark, with the current value standing at $3,451.

Interestingly, despite today’s minor setback, Ethereum witnessed a surge in the number of addresses holding coins last weekend, reaching an All-Time High of 118.23K. 

Additionally, mid-term MVRV indicators exhibited a subtle bullish signal before the recent decline.

The fluctuating dynamics of Ethereum’s price movements underscore the inherent volatility and unpredictability within the cryptocurrency market. 

While recent trends may have presented challenges, Ethereum continues to remain a focal point for investors and enthusiasts alike, with its underlying technology and potential for growth continuing to drive interest and speculation.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: nexusplexus/123RF // Image Effects by Colorcinch

Via: https://themerkle.com

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