Ethereum addresses with 10,000 ETH or more may indicate a significant increase in ETH purchasing pressure. Bulls may push ETH above $4,000 if the price stays above $3,650.
Following significant selling pressure last week, the price of Ethereum (ETH) appears to be leveling off at $3,700. However, the Ethereum on-chain indicators are still strong and suggest that there may be upward purchasing pressure.
Surge in Ethereum whale addresses
The number of Ethereum addresses holding 10,000 or more ETH has expanded significantly over the last three weeks, according to crypto expert Ali Martinez. This increase has occurred at a rate of 3%. This increase indicates a significant increase in Ethereum purchasing pressure.
Santiment’s on-chain data shows that after the SEC approved Ethereum ETFs, interest in the cryptocurrency increased. After a period of early enthusiasm, social mood has now leveled down, which is seen to be the optimum condition prior to the start of trading for these new Ethereum financial instruments.
ETH price action ahead
However, other market observers think that the ETH price is starting to create chart patterns resembling those from 2021, when it had an incredible 83% rally. Renowned analyst Caled Frazen highlighted the remarkable parallels between Ethereum’s 2021 performance and its present price behavior in a recent report.
Frazen stressed the relevance of the found parallels while cautioning against anticipating an identical reproduction of historical patterns (“history rhymes, but it doesn’t repeat”). Frazen pointed out that the “red zone” was an important stage in the cycle of 2021. Even while the assistance wasn’t perfect, it was nonetheless rather important. After an unsuccessful collapse, Ethereum saw an incredible 50-day recovery of +83%.
According to the Coinglass chart above, open interest in Ethereum (ETH) decreased by $620 million from $16.97 billion on June 6 to $16.35 billion as per the most recent update on June 9.
Even though the price of ETH fell by 7.38% from its weekly top on June 6, the open interest loss was rather mild, only shrinking by 3.65%, or nearly half of the price drop.
For two key reasons, a slowdown in the drop of open interest relative to price decline during a market slump may be construed as an optimistic recovery indicator.
Check Out the Latest Prices, Charts, and Data of ETH/USDT
If Ethereum (ETH) breaks through the $3650 support level, there might be a decline toward $3152, which corresponds to the last Fair Value Gap (FVG).
If Ethereum is able to maintain its current level of $3650, it may indicate that it is about to move higher toward $4000. Moreover, breaking above the $4000 resistance level might trigger a strong bullish rally with the $6000–7000 region as the goal.
Wintermute moves $12M ARB to Binance, ARB price rally ahead?
The $12 million worth of ARB tokens that Wintermute transferred to Binance has raised expectations for a possible price increase. Analysts and investors are keeping a careful eye on recent events and market dynamics.
Wintermute has moved $12 million worth of ARB tokens to Binance in a calculated move that has raised hopes for a possible price increase. Analysts and investors are taking notice of this big move by the well-known market maker and are now keeping a careful eye on the market for indications that ARB’s valuation is beginning to rise. The stage is set for potential changes in the token’s market dynamics with such a significant transaction creating waves in the cryptocurrency world.
Wintermute’s detailed transaction breakdown
Five hours ago, three wallet addresses associated with Wintermute transferred 12.3 million ARBs, or around $12 million, into Binance, according to Data Nerd’s monitoring. Two days ago, these tokens were removed from Coinbase.
Three distinct wallets were used in the transactions, and the amounts of ARB tokens sent from the first address were 4.680 million, the second address was 4.125 million, and the third address had 3.463 million. These substantial quantities moving in unison points to a planned Wintermute approach, maybe aimed at influencing ARB’s market position and liquidity on Binance.
Current market metrics and recent developments
At present, the value of Arbitrum (ARB) is $0.9534, and its 24-hour trading volume is $288,224,219. This indicates a price loss of -0.72% over the last day and a price decline of -14.28% over the last seven days. Arbitrum has a 2.896 billion ARB circulating supply, making its market capitalization $2,754,429,315. ARB open interest has also experienced a minor decline of 2.89%, currently valued at $164.4 million.
Notably, earlier this past week, a partnership between Wintermute and $BENJI was announced. A post on X (formerly Twitter) stated, “We are proud to announce that $BENJI has officially partnered with @wintermute_t, widely recognized as the world’s leading crypto-native trading firm. They will be providing liquidity for our exchange listings.” This partnership underscores Wintermute’s expanding influence and strategic engagements within the crypto ecosystem.
Loopring Smart Wallet was attacked, loss of $5M
A weakness in the Guardian wallet security feature allowed Loopring Smart Wallet to be hacked for USD 5 million. Since the hack, the layer-2 LRC token’s price has dropped by around 5%.
In June 2024, Loopring is the second victim of the hacking issue involving DEX Velocore on zkSync and LineaContinue to Smart Wallet above. ZK-rollups form the basis of layer-2 on June 9 (Vietnam time) in the evening.Loopring announced that certain Loopring Smart Wallets have been compromised by hackers on platform X (Twitter).
🚨Incident Alert: Loopring Smart Wallets Compromised🚨
A few hours ago, some Loopring Smart Wallets were targeted in a security breach. The attack exploited wallets with only one Guardian, specifically the Loopring Official Guardian. The hacker initiated a Recovery process,… pic.twitter.com/Y9mYC4j9QJ
— Loopring💙 (@loopringorg) June 9, 2024
The “Guardian” wallet recovery service of Loopring Smart Wallet was hacked in this incident, resulting in an initial loss of $5 million. Hackers used Loopring’s former arrogance in claiming that this was the “safest Ethereum wallet” to execute their assault.
To enable security activities like freezing a compromised wallet or recovering a wallet in the event of a Seed Phraselost, users can select wallets of persons or organizations to become Guardians using the 2FA Guardian service on Loopring Smart Wallet. Nevertheless, a hacker managed to get over Loopring’s security measures, even though typically, more than half of the Guardians must agree in order to carry out tasks like locking or retrieving wallets.
Profit on the weakness in wallets with a single Loopring Official Guardian. Without the owner of the wallet’s consent, this hacker recovered the wallet. After the user creates the wallet, Loopring Official Guardian powered by Loopring will be added immediately.
This issue does not affect wallets that employ several Guardians or other third-party Guardians.
With more than $5 million worth of Ethereum from the compromised wallets, Loopring has made public two wallet addresses that are allegedly connected to the aforementioned incident. A single wallet may contain up to 5.1 million USD in assets.
The attack began on June 9 at one in the morning, when the hacker moved around 190,000 LRC tokens into his wallet.\
Wallets that sustained the greatest damage totaled over 800,000 USD after hackers took over 172 ETH, 0.5 WBTC, and over 60,000 USDC from the wallet.
In its post, Loopring also announced:
“We are actively working with SlowMist security experts to determine how our 2FA service was compromised. To protect our users, we have temporarily suspended all activities related to Guardian and 2FA.”
In addition, Loopring stated that it is collaborating with law authorities to apprehend the offenders and requested that anybody possessing further details on the breach communicate them to the project team.
The Loopring Official Guardian’s description of risks suggests that users set up at least three Guardians, however the project creators may not have foreseen this exploit.
“Once your wallet is created, we will add the Loopring Official Guardian service to your wallet by default. Because it is a centralized service, Loopring Official Guardian can be attacked and taken over by hackers.”
Since the project revealed the attack, the price of Loopring’s LRC token has decreased by around 5%, and it is presently trading at $0.22.
