Big Ethereum Investor Makes Unexpected Decision After ETH Reaches $3,000

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Ethereum, the second-largest Cryptocurrency by Market capitalization, reached $3,000 once more in early Trading as we speak, marking 81% yearly progress, in response to Ethereum“>CoinGecko information.

In Tuesday’s Trading session, Ethereum briefly approached the $3,000 barrier, a peak last reached in April 2022, but was unable to climb much further.

Bulls persevered of their efforts to maintain ETH above $3,000, but their activities have yet to have the intended result, with ETH presently Trading below this level. This scenario has played out over the last three days, including today. At the time of writing, ETH had risen 1.93% in the last 24 hours to $2,977.

In an unexpected move, a massive whale decided to dump a large amount of ETH because the Price made makes an attempt at $3,000.

In keeping with on-chain analytics supplier Lookonchain, a whale has dumped 16,597 ETH worth $48.7 million at $2,934 on decentralized exchanges (DEX) in the past 24 hours. The whale’s move raised some eyebrows in the crypto community, as it could indicate bearish sentiment or a profit-taking strategy.

It turned out to be a profit-taking strategy. Lookonchain reported that the whale made an approximate $5.5 million profit with this move, which saw millions worth of ETH deposited on exchanges.

According to Lookonchain, the whale bought 16,599 ETH value $43.16 million from the OKX crypto change through 5 wallets on Jan. 12, when the Price was $2,600 and later bought when the ETH price reached roughly $3,000.

Expectations are rising ahead of the highly anticipated Dencun hard fork, which is slated for March 13.

In preparation for this event, Ethereum builders have launched Geth v.1.13.13, a minor replace that fixes numerous points linked to the forthcoming Cancun mainnet fork. Alsages (v1.13.13) considerably enhance block manufacturing efficiency for Cancun blocks with blobs, in addition to total reminiscence stability throughout all Geth nodes.


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