Ethereum (ETH) Price Bounces Back Above $3,000 as Market Sentiment Turns Bullish

Over the past 24 hours, Ethereum has seen a remarkable price growth and bounced back above the $3,000 mark.

Ethereum (ETH) price Surges Past $3,000 as Golem Transfers 36,000 ETH to Exchanges

Ethereum (ETH) price Surges Past $3,000 as Golem Transfers 36,000 ETH to Exchanges. After a period of consolidation, ETH price shows signs of recovery with a surge past the $3,000 mark. This rise is accompanied by increased trading volume and market capitalization. However, large transfers of ETH by Golem and two whale traders have sparked attention.

Key Takeaways

ETH price Surges Past $3,000 as Golem Transfers 36,000 ETH to Exchanges.

Golem, a pioneer Ethereum-based project, moved over $100 million in ETH to exchanges last month.

Two whale traders have also unloaded significant amounts of ETH, with one trader depositing 6,440 ETH to Binance and another depositing 7,240 ETH to Kraken.

The SEC is expected to approve an Ethereum ETF this week, which could lead to a further surge in ETH price.

After a period of consolidation, Ethereum (ETH) price is showing signs of recovery with a surge past the $3,000 mark.

When writing this article, ETH price had surged to $3,048.21 with a 1.11% gain for the day. This rise was accompanied by a significant increase in trading volume, which rose by 74.73% to $18,148,791,193. The market capitalization of Ethereum also increased by 2.15% to $366,403,812,856.

However, this recovery was punctuated by large transfers of ETH by Golem and two whale traders, sparking attention from the crypto community.

According to Arkham, the main wallet of Golem performed several transactions, moving millions of Ethereum coins to other wallets and the latter to exchanges. These transactions were carried out on a daily basis and involved sums of less than $10 million per transaction, which are usually linked to sell signals in anticipation of further price declines.

In total, Golem transferred 36,000 ETH to exchanges, which were later sold on exchanges Binance, BitFinex, and Coinbase. These large transactions by prominent traders can create volatility and impact ETH’s price movements.

Two whale traders also unloaded substantial amounts of ETH, with one trader, known as smartestmoney.eth, depositing 6,440 ETH (approximately $19.5 million) to Binance. This move resulted in an estimated loss of $2.65 million from the latest trade despite a cumulative profit of $20.6 million from ETH trading activities.

Another trader, identified as an inactive whale with the address 0x742, deposited 7,240 ETH (approximately $21.4 million) to Kraken. This trader had held these tokens for over 1.5 years and realized an estimated profit of $12.83 million, representing a 149% gain.

SEC Approval of Ethereum ETF

In a new update on July 8, Matrixport reported that the SEC is likely to approve an Ethereum ETF this week. This approval would mark the introduction of an exchange-traded fund tracking the spot price of Ethereum in the United States.

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