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Recent analytics report suggests that price bounce for Ethereum may be coming soon

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Santiment on-chain analytics company has posted a tweet to encourage the part of the crypto community that is holding ETH.

Currently, the tweet states, ETH is trading at the $1,700 level, and a lot of traders are growing impatient about it. The recent price drop from the $1,741 mark may indicate that a large number of wallets are dropping ETH now and are continuing to do it as ETH is sitting at the current price mark.

However, citing similar situations in the past, Santiment stated that when traders begin to dispose of their cryptos at lower values, the chances of a price rebound grow higher.

As reported by U.Today earlier this week, a cofounder of the Ethereum chain and its frontman, Vitalik Buterin, transferred 3,000 Ethereum (worth approximately $4.95 million at the time of the transaction) to a wallet labeled Vb2.

This transaction sparked a wave of curiosity and heated discussions within the crypto community. Some believe that this could have been Buterin redistributing his crypto riches to protect them against possible hacks. The second version assumed that Buterin could cash out these $5 million.

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@lookonchain tracker of "Smart Money" wallets, who regularly shares data on the transactions they make and how much money they lose or earn, announced that a few hours ago, a whale that had remained dormant for two years had awakened and deposited 6,087 ETH to Binance.

This is quite a large amount in fiat, too, since it is worth $10.23 million. Now, Ethereum is changing hands at $1,715 after the recent price fall. It is quite likely that this whale may be either selling at a loss or he could be moving funds to Binance, expecting the ETH price to rebound soon and only then make a sale on Binance.

See the article here:

Ethereum (ETH) Price Likely to Bounce Due to This Key Factor: Report - U.Today