In an unexpected move, 7,000 Ethereum (ETH) was recently transferred to popular trading platform Robinhood. This large transaction has caught the attention of the cryptocurrency community.
The transfer, reported by the crypto data tracker Whale Alert, involved the amount of 7,000 ETH valued at approximately $26.6 million.
Whale Alert reported, “7,000 ETH worth $26,665,571 was transferred from unknown wallet to Robinhood.”
🚨 🚨 7,000 #ETH (26,665,571 USD) transferred from unknown wallet to #Robinhoodhttps://t.co/qMu28UDDBJ
— Whale Alert (@whale_alert) June 5, 2024
The identity of the wallet holder and the motive behind this large transfer remain unknown, triggering curiosity.
The timing of this transfer is particularly noteworthy, as it coincides with Ethereum’s recent rebound. At the time of writing, ETH was up $0.86 in the last 24 hours to $3,795 after reaching intraday highs of $3,840.
The recent ETH transfer might be a move from an institutional holder. It might also be that a whale or large holder might be leveraging Robinhood for trading or custody purposes, especially since moving tokens to exchanges might be a precursor to selling them.
While the exact purpose of the transfer remains undisclosed, it is not uncommon for large sums of cryptocurrencies to be moved to support the liquidity needs of exchanges.
Ethereum price action
Ethereum has largely traded in a range since reaching highs of $3,973 on May 27. Ethereum has been trading above $3,730 for several days, indicating that the bulls are attempting to turn the level into support.
If this happens, buyers may try to overcome the barrier at $3,973 and test the overhead resistance of $4,100.
If the price falls and breaks below $3,730, it indicates that the bears are attempting to make a comeback. The selling could pick up when bears push the price below $3,521. ETH may then fall to the 50-day SMA of $3,282.