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$34 Million in Ethereum (ETH) in 24 Hours, What's Happening?

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Tue, 9/07/2024 - 14:22
$34 Million in Ethereum (ETH) in 24 Hours, What's Happening?
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Ethereum (ETH) whales have started to make major moves amid the ongoing uncertainty on the market. Per the latest tweet from Whale Alert, 11,215 ETH were transferred from an unknown wallet to crypto exchange Coinbase earlier today.

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This latest ETH transaction is estimated to be worth around $34.35 million. It is a major move as it appears that the whale has shifted ETH in order to trigger a sell-off. Moreover, the timing of this sell-off is crucial as it comes amid the recent market crash.

The broader crypto market has been consolidating after last week’s crash. The price of Ethereum, the leading altcoin, has crashed 16.68% over the last 30 days. This shows the intensity of this market dump, impacting major coins like Ethereum and Bitcoin (BTC).

While many are still expecting a price recovery from ETH, it appears that some traders are dumping their holdings. In the case of this Ethereum whale, they have almost $34.35 million in ETH. Since this is a major amount, it can further impact the market and push the ETH price to lower levels.

Whales always play a crucial role on the digital asset market. The buying and selling from these traders leave short-term impacts on the price movements of a particular coin. In this case, the Ethereum price can absorb the toll of this sell-off. It may hinder the potential recovery of the coin after a recent downturn.

ETH price outlook

As of press time, Ethereum is trading around $3,072. While the price is up 0.52% in the last 24 hours, it has failed to recover from the previous losses. The recent bearish sentiment has not been good for bulls, causing uncertainty on the market.

However, it should be noted that today’s sell-off by the whale has not impacted the ETH price much. Moreover, the coin is holding well above the $3,000 price level, acting as a key support. Consequently, bulls have not completely lost hope, and they are expecting a price recovery in the coming days.

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