Ethereum
$33 Million in Ethereum (ETH) on the Move, Here’s Why
Read U.TODAY on
Google News
Ethereum (ETH) has been consolidating in recent days. It seems that the leading altcoin is lacking support from the bulls. In fact, we are also seeing massive selloffs. According to Whale Alert, an Ethereum whale triggered a massive selloff in Ethereum earlier today.
The tracking service reported that this whale transferred 10,291 ETH to crypto exchange Coinbase. This transaction is worth approximately $33.7 million, based on ETH’s current price level. The timing of this whale transfer is crucial because it comes at a time when Ethereum is struggling to get bullish dynamics.
It is worth noting that crypto whales keep coins in their personal wallets. But they transfer the coins to an exchange when they plan to sell them. In this case, the whale transferred ETH coins to Coinbase, which clearly indicates a massive sell-off.
This is a worrying sign for Ethereum as such moves from whales can trigger a downturn. With ETH already struggling to gain traction, this sell-off is likely to put additional bearish pressure on the coin. Moreover, it also shows that major traders are showing minimal interest in Ethereum.
What does this mean for ETH?
Currently, Ethereum is trading at $3,249 after a 0.82% drop in the last 24 hours. Additionally, the price of ETH is down 7.18% in the last 24 hours. ETH has been consolidating over the past few weeks. While this is not a major crash, it is disruptive to the market.
Last week, the US SEC approved the spot Ethereum ETF. As soon as they went live, these ETFs saw significant inflows from investors. Therefore, the crypto community expected bullish movements from ETH after this historic development.
However, Ethereum did not really react positively. The Ethereum price remained in bearish territory. But it is worth noting that such major developments do not immediately lead to a big rally. They have long-term positive effects, which is why ETH may soon come out of the current bearish phase.
About the Author
Mushumir Butt
With over three years of experience in the cryptocurrency industry, Mushumir is a seasoned author dedicated to understanding the complexities of blockchain technology and decentralized finance. From dissecting the latest blockchain innovations to demystifying trading strategies, he brings a unique blend of technical knowledge and communicative flair to the crypto space. Having authored countless articles, analyses, and market reports, Mushumir has developed a distinctive voice that resonates with both seasoned investors and those new to the cryptocurrency space.