Ethereum Price Drops Below $3,500 as Whales Transfer $79M to Coinbase

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As a researcher with experience in cryptocurrency markets, I’ve noticed that Ethereum (ETH) experienced a bearish trend in the last 24 hours, with a low of $3,447.94 and a high of $3,536.84. The significant drop was caused by large whale transactions worth around $112 million moved to Coinbase and Coinbase Institutional. These transfers indicate potential sell-off pressures, shifting the market sentiment toward the bears.

In the past 24 hours, Ethereum (ETH) has displayed a downward trend with its price oscillating between the high of $3,536.84 and the low of $3,447.94.

I analyzed the market data and found that a significant transfer of Ethereum coins valued at approximately $79,167,723 took place within the past 24 hours, resulting in a new low price point for Ethereum.

Ethereum Whale Activity Amid Market Dip

In the past three hours, Whale Alert, a monitoring platform on the blockchain, has spotted two substantial Ethereum transactions. The first transaction involved the transfer of 13,166 ETH, equivalent to approximately $45,888,084, to Coinbase and Coinbase Institutional. The second transaction moved 9,485 ETH, or around $33,279,639, to the same destinations. These sizable transfers suggest a possible selling trend among large Ethereum holders, implying a change in market outlook towards bearish sentiments.

13,166 #ETH (45,888,084 USD) transferred from unknown wallet to Coinbase Institutional
— Whale Alert (@whale_alert) June 21, 2024

As the market trend continues, Ethereum’s market capitalization and 24-hour trading volume experienced decreases of 1.53% and 5.97%, respectively. This resulted in a market cap of $425,200,317,554 and a trading volume of $15,311,427,759. The decline in trading volume indicates waning trader interest. If this downward trend persists, investors should keep an eye on the potential support levels at $3,460 and $3,440.

As a researcher studying the cryptocurrency market, I’ve observed that for a potential bullish reversal in the price of bitcoin, the bulls would need to push the price above the $3,500 mark. This bullish trend is further supported by a slight uptick in open interest, which has increased by 0.78% to reach $15.79 billion, according to Coinglass data.

Is ETH Price Poised For a Bullish Recovery?

In contrast to the past day’s pessimistic trend, Ethereum’s price has been on an uptrend for the last seven days, with a 3% increase. Notably, there is optimism surrounding the potential approval of spot Ethereum ETF trading, which analysts from Coingape and Bloomberg suggest could happen as early as July 2.

As a researcher following the Ethereum Exchange-Traded Fund (ETF) landscape, I’m eagerly anticipating updates from the respective issuers today. These include Fidelity Investments, Bitwise, and BlackRock. The submission of these updated S-1 filings could potentially fuel Ethereum’s bullish momentum.

As an analyst, I believe the anticipated Ethereum Trusts (ETSs) could significantly influence the Ethereum price given their potential to boost demand for ETH. A recent report by K33 Research suggests that these ETFs might draw in over $4 billion in investments during the initial five-month period. Consequently, the Ethereum price may surge as high as $5,500 by August.

Ethereum Price Drops Below $3,500 as Whales Transfer $79M to Coinbase

As a researcher following the cryptocurrency market, I’ve noticed an intriguing development: The Securities and Exchange Commission (SEC) recently concluded its 14-month investigation into Ethereum without taking any action. This news has fueled optimism among analysts, who believe that approval for a Spot Ethereum Exchange Traded Fund (ETF) could be forthcoming. However, the price of Ethereum was currently trading at $3,477.36 – a 1.51% decrease from its intraday peak – despite this positive development.

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2024-06-21 23:15