Is the Recent Ethereum Dip a Sign of Whale Manipulation?

• Ethereum whale deposits influence ETH movements and trends.
• Chinese government actions and regulatory seizures impact Ethereum’s market volatility.

August has been challenging for altcoins, with Ethereum, the leading altcoin, hitting a seven-month low of $2,111. Despite the market downturn, significant whale movements are drawing attention. A prominent ICO-linked whale recently deposited another 5,000 ETH ($13.2 million) to OKX, just 12 hours before Ethereum’s price dropped further.

Since July 8, this whale has transferred a staggering 48,501 ETH ($154 million) to OKX at an average price of approximately $3,173. The whale’s holdings remain substantial, with 303,500 ETH ($744 million) spread across two wallets. It also includes 15,600 ETH ($39.8 million) in the wallet frequently used for OKX deposits.

Notably, on August 8, this giant whale deposited 5,000 ETH ($11.6 million) to OKX, adding to the 38,501 ETH ($129 million) transferred to the exchange at ~$3,354 in the previous month. Notably, much of this whale’s ETH originated from the wallet “0x60e,” which withdrew ETH from Poloniex between 2016 and 2018 at low prices, as well as from the ETH ICO participant “0x193.”

Speculative Whale Movements

In another significant development, 12,682 ETH ($32.3 million) was recently transferred from an unknown wallet to Coinbase , further fueling market speculation.

Meanwhile, Ethereum movements reportedly initiated by the Chinese government have sparked additional intrigue. On August 8, wallets holding seized Ethereum from the PlusToken Ponzi scheme allegedly moved $2 billion worth of Ether. An investigation by EmberCN revealed that 789,534 ETH was transferred to the Bidesk exchange in June. And September 2021 via multiple wallets.

Currently, Ethereum is trading at $2,672, experiencing a modest 0.57% surge. Trading volume is up by 73%, and the daily RSI stands at 40, suggesting that Ethereum is nearing an oversold situation.

These movements underscore the significant market impact of whale activity and regulatory actions in the ongoing crypto landscape.

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