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Ethereum (ETH) has been consolidating in the past few days. It appears that the leading altcoin is lacking support from bulls. In fact, we are now witnessing some sell-offs as well. As per Whale Alert, an Ethereum whale triggered a major Ethereum sell-off earlier today.
The tracking service reported that this whale transferred 10,291 ETH to crypto exchange Coinbase. This transaction is worth around $33.7 million, based on the current ETH price level. The timing of this whale transfer is crucial as it comes at a time when Ethereum is struggling to get bullish momentum.
Notably, crypto whales hold coins in their personal wallets. But they transfer the coins to an exchange when they plan on selling those coins. In this case, the whale has transferred ETH coins to Coinbase, and it clearly indicates a sell-off.
This is a worrying sign for Ethereum as such moves from whales can trigger a downturn. While ETH is already struggling to gain traction, this sell-off is expected to put more bearish pressure on the coin. Moreover, it also shows that major traders are showing minimal interest in Ethereum.
What does it mean for ETH?
As of now, Ethereum is trading at $3,249 after a decrease of 0.82% in the last 24 hours. Moreover, the ETH price is down 7.18% in the last 24 hours. ETH has been consolidating in the past few weeks. While this is not a major crash, it is troubling the market.
Last week, the U.S. SEC approved spot Ethereum ETFs. As they went live, these ETFs witnessed significant inflows from investors. Consequently, the crypto community was anticipating bullish movements from ETH after this historic development.
However, Ethereum has not really reacted to it in a positive way. The Ethereum price has remained in the bearish territory. But it should be noted that such major developments do not result in a big rally right away. They have positive impacts in the long term, hence ETH may get out of the current bearish phase soon.
Alex Dovbnya
Dan Burgin