ConsenSys Buys $422 Million in Ethereum Sparking 7% Price Jump

ConsenSys, a prominent blockchain technology company, has reportedly acquired $422 million worth of Ethereum (ETH). This significant purchase has sparked speculation about the potential impact on the price of Ethereum. According to analysts' forecasts, the price of Ethereum could surge to $3000 following this acquisition. The move by ConsenSys is seen as a strategic investment in the Ethereum ecosystem, which could further solidify its position as a leading blockchain platform. The acquisition underscores the growing confidence in Ethereum's technology and its potential for future growth.
On June 24, a wallet linked to ConsenSys purchased another 3,704 ETH worth $8.91 million through Galaxy Digital's over-the-counter (OTC) trading desk. This purchase is part of a larger accumulation spree by ConsenSys, which has bought a total of 161,112 ETH through Galaxy Digital OTC in the past three weeks. The total value of these purchases is almost $422 million. The wallet in question, 0xCd9…F5F75, has been making frequent transfers to another wallet, 0x0b2…83E57, which primarily holds Liquid Staked ETH (LsETH) worth over $187 million. However, the exact link between these wallets and ConsenSys remains unclear.
This heavy accumulation of ETH by ConsenSys has raised questions about whether it will trigger a price rally for Ethereum. The price of ETH has been volatile in recent weeks, but the accumulation by ConsenSys and other whales indicates a bullish sentiment among institutional investors. The price of ETH jumped more than 7% in the past 24 hours, with the price currently trading at $2,419. The 24-hour low and high are $2,191 and $2,446, respectively. Furthermore, the trading volume has increased by 10% in the last 24 hours, indicating a slight rise in interest among traders.
In the daily timeframe, Ethereum price is currently moving strongly but still below the 50-SMA. It needs to reclaim above the $2,500 for picking upside momentum. The RSI has rebounded to 46 signals, providing support for further upside in ETH price. Moreover, exponential moving average (EMA) indicates possible consolidation or the price may seem stuck between $2,500-$2,750 range this month. Ethereum price may rally in July after the formation of a “golden cross,” pushing traders to buy ETH. Analyst Michael van de Poppe pointed out that ETH is acting strongly in the recent turmoil in the markets. He predicted a reclaim of 0.023 in the ETH/BTC chart will bring a strong upwards momentum.
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