Ethereum Recovers from Slump as 3AC Ramps Up Whale ETH Transactions

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Three Arrows Capital (3AC), which has a controversial history with Ethereum (ETH), recently transferred 15,000 Ether (worth $57 million) from Binance and Coinbase to its wallet.

On-chain analyst Colin Wu summarized the most recent interaction of the digital asset manager with Ethereum, highlighting the whale transfers to its wallet. Wu revealed that the fund manager transferred 14,833 ETH. The on-chain analyst broached his observations to his followers on Twitter yesterday, noting that:

“According to etherscan, Three Arrows Capital transferred a total of 14,833 ETH (approximately USD 56M) from Binance and Coinbase to its wallet (0x4862733b5fddfd35f35ea8ccf08f5045e57388b3) 2 hours ago.”

With the latest transfer, it appears that Three Arrows Capital is doubling down on its ETH accumulation which began in early December.

Recent reports show that the fund manager transferred over 90,000 ETH worth about $400 million at the time to its wallet within 48 hours. Interestingly, these whale transactions began shortly after the firm’s CEO, Su Zhu, changed his stance on Ethereum and its native token. In November, Zhu noted that the company had “abandoned Ethereum despite supporting it in the past.”

However, he apologized for the comment shortly after coming under criticism from the crypto community.

Key Ethereum Levels to Watch — December 15

ETH regained a mild bullish momentum on Wednesday morning after slumping below the critical $3,970 – $3840 pivot support area on Monday and hitting the $3,669 low for the first time since October 18. At press time, the second-largest cryptocurrency has reentered the pivot area and trades at $3,882, putting the $3,800 support line beneath it again.

That said, the market remains bereft of clarity, making it difficult to map out a possible next move. However, with the current bullish correction recorded across the market, we could see ETH near the $4,000 barrier over the coming days. Also, the upcoming US Fed meeting should contribute to the near-term price action of Ether.

Meanwhile, my resistance levels are $3,970, $4,000, and $4,100, and my support levels are $3,840, $3,800, and $3,700.

Total Market Capitalization: $2.21 trillion

Ethereum Market Capitalization: $460.9 billion

Ethereum Dominance: 20.8%

Market Rank: #2

 

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