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Ethereum (ETH) is seeing intense bearish pressure today along with the broader crypto market. Moreover, recent whale movements are adding to this negative sentiment on the market. At a time when ETH needs support from its long-term holders, it appears that a big chunk of them are abandoning it.
Per Whale Alert, there was a big transfer of 17,822 ETH earlier today. These coins were transferred from an unknown wallet of a whale to Binance, the largest crypto exchange on the market. Notably, this transfer is worth around $41.27 million based on the price of ETH at the time of the transaction.
It is crucial to note that investors typically send their assets to top trading platforms like Binance to sell them off. If they want to hold a coin for an extended period of time, they keep the holdings safe in their private wallets. The transfer of 17,822 ETH is likely a sell-off, and it is a major one. It can have negative implications for the short term.
Ethereum, along with the broader crypto market, is already facing severe selling pressure. Such moves by whales are not helping the coin in terms of recovering from its previous losses. In fact, more losses can be expected in the near future if this negative sentiment keeps prevailing among large holders.
Ethereum price crumbles
As of press time, the ETH price has crashed 4.44% in the last 24 hours. The market capitalization of Ethereum is also down 4.48% to $277.15 billion. Moreover, the price is down 11.47% over the last 30 days, showing the prevalence of bearish sentiment for the broader term. If this behavior continues, ETH may see more losses in the following days.
The situation is more concerning because this trend is seen across the crypto market. Over the last 24 hours, the total market cap has fallen 2.42% to 2.04 trillion. Bitcoin (BTC) has also failed to rebound as its price is down 2.32% in the last 24 hours and currently trading at $58,636. This bearish sentiment can cause more trouble for Ethereum and beyond.
Tomiwabold Olajide
Gamza Khanzadaev