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Whales Transfer $79M to Coinbase Causing Ethereum Price to Drop Below $3,500

Greetings, Ethereum enthusiasts! The price of Ethereum (ETH) has experienced some bearish movement in the last 24 hours. It has been fluctuating between an intra-day high of $3,536.84 and a low of $3,447.94.

This downward trend was exacerbated when Whales decided to transfer Ethereum coins worth an impressive $79,167,723, causing the price to hit a 24-hour low.

Let’s Dive into Ethereum Whale Activity

In the last three hours, Whale Alert, a platform tracking onchain activity, has noted two substantial ETH transactions. The whales moved 13,166 ETH valued at $45,888,084 and 9,485 ETH valued at $33,279,639 to Coinbase and Coinbase Institutional. These moves suggest a potential sell-off pressure, signaling a shift in market sentiment towards bearish territory.Β 

Furthermore, ETH’s market capitalization and 24-hour trading volume have seen a decline of 1.53% and 5.97%, reaching $425,200,317,554 and $15,311,427,759, respectively. This decrease in trading volume indicates waning interest among traders. In case this downward trend continues, keep an eye on support levels at $3,460 and $3,440.Β 

On the flip side, for a potential bullish reversal, bulls would need to push the price above $3,500. Coinglass data suggests a slight increase in open interest by 0.78%, reaching $15.79 billion, supporting the case for a bullish turnaround.Β 

Are We Headed Towards a Bullish Recovery for ETH Price?

Despite a bearish trend in the last 24 hours, Ethereum’s price has shown a bullish streak over the past week, climbing by 3% in anticipation of spot Ethereum ETF trading approval. Recent updates from Bloomberg analysts suggest the approval timeline has now shifted to July 2, keeping bullish hopes alive.

With issuers expected to update their spot Ethereum ETF S-1 registration forms today, the momentum for a bullish trend in Ethereum’s price is building up. Fidelity Investments, Bitwise, and BlackRock are among the issuers who have already submitted their updated filings.

The anticipated impact of these ETFs on Ethereum’s price revolves around heightened demand for ETH. A report by K33 research forecasts inflows of over $4 billion within the first five months of ETF launch, potentially driving the price to reach $5,500 by August.

Source: CoinMarketCap

Moreover, with the SEC closing its 14-month Ethereum investigation, the path seems clear for the approval of Spot Ethereum ETF trading. Ethereum is currently trading at $3,477.36, slightly down by 1.51% from the intra-day high.

Curious to Learn More: Check out 9 Crucial Ethereum (ETH) Tailwinds as Spotted By Bitwise CIO

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