240,000 ETH Shifted to Leading Exchanges as Ethereum Encounters Downturn Post Recent Rally

Crypto News– The Whale Alert platform, a significant tracker of cryptocurrencies, has identified around six substantial Ethereum transactions, totaling nearly 240,000 Ethereum. Most of these cryptocurrency transfers were directed towards prominent crypto exchanges.

240,000 ETH Shifted to Leading Exchanges as Ethereum Encounters Downturn Post Recent Rally

Meanwhile, the price of Ethereum experienced a slight retreat following its recent surge earlier this week, although it has since started to rebound.

The cryptocurrency tracking platform mentioned above has identified large-scale movements of Ethereum, the second-largest cryptocurrency, by anonymous entities to major exchanges such as Binance, Coinbase, and Bitfinex. These transactions ranged from 14,322 ETH to 83,200 ETH, with the latter transferred from Binance to Binance Deacon Deposit. Additionally, a total of 49,999 ETH was transferred between anonymous cryptocurrency wallets. The remaining transfers were initiated from unidentified blockchain wallets to the aforementioned trading platforms.

In total, the Ethereum transferred amounts to a staggering $518,691,800 when converted into fiat currency.

Top Analyst Predicts Ethereum Primed to Reach 3,500 Dollars

Michael van de Poppe, a prominent cryptocurrency trader and analyst based in Amsterdam, anticipates that Ethereum will realize its full potential and emerge as a significant market influencer in the months ahead. Due to this belief, van de Poppe has chosen to allocate his funds to the Ethereum ecosystem. In a recent tweet, he expressed his confidence in Ethereum’s prospects.

Starting the week with a surge of more than 4.4%, Ethereum, the second most popular cryptocurrency, reached the $2,384 price level. This price level was previously seen on Jan. 30 following a substantial growth of 6.64%. Despite today’s increase, Ethereum has experienced a minor pullback of 1.30%, currently trading at $2,357.