Amidst the ongoing tug-of-war between bulls and bears in the crypto market, on-chain data suggests that some Ethereum whales might be jumping off the bandwagon. Whale trackers have reported a significant uptick in whale activity over the past 24 hours, with large-scale investors directing their transactions towards various crypto exchanges. Notably, approximately $205 million worth of ETH has been transferred into Coinbase from unknown wallets within this time frame.
Specifically, transaction alerts from Whale_Alerts show that 61,819 ETH were sent to Coinbase in the past 24 hours from whale wallets, with transactions totaling $205 million. These transfers were made in a series of five transactions, each with an average of 10,290 ETH worth over $34 million. The consecutive nature of these transfers has sparked speculation within the crypto community, with many suggesting a potential liquidation as the motive behind these significant transfers.
The increase in whale activity on Ethereum comes at a time when the cryptocurrency is experiencing volatility following the launch of Spot Ethereum ETFs. The actions of crypto whales, who have significant influence over market dynamics, are closely monitored by retail traders and analysts. The substantial transfers of Ethereum to Coinbase could have notable implications for the cryptocurrency market, potentially leading to increased selling pressure and a short-term price decrease.
Currently, Ethereum is trading at $3,340 and is struggling to maintain a position above a key resistance level of $3,357. This resistance point has posed challenges for bullish investors in the past 30 days, with the recent large transfers to Coinbase likely contributing to the difficulty in overcoming it. Despite this, there is a prevailing bullish sentiment within the trading community, with traders anticipating initial breakouts above key order blocks around $3,357 and $3,540.
In other news, the Ethereum community recently celebrated the cryptocurrency’s 9th birthday. As the market continues to navigate through the volatility and uncertainties brought about by whale activities and ongoing market battles, traders and investors are closely monitoring Ethereum’s price movements and key resistance levels to gauge future market trends and potential opportunities for growth. With the increasing interest and participation in the crypto market, it remains to be seen how Ethereum will continue to evolve and adapt to changing market dynamics in the years to come.
