ETH Whales Moved Millions Worth Holdings onto Coinbase

Eth whales are moving millions worth of Ether holdings into Coinbase to take more profits

ETH whales caught the community's attention on Thursday morning, after they moved nearly US$69,183,729 worth of the second-largest cryptocurrency by market capitalization, Ethereum ($ETH), to leading cryptocurrency exchange Coinbase. 

The transactions were initially spotted by blockchain tracker Whale Alert, According to the data provider, 38,825 ETH coins were moved in two different transactions by anonymous wallets to Coinbase, which suggests that the whale may be planning to liquidate some of their holdings. The timing of the transfers is significant, as it coincides with Ethereum's recent price dip, which has seen it fall to a local support level.

At the time of writing, Ether's price was trading at US$1,786.97, down 1.53% on the day, with a 24-hour trading volume of US$6,931,562,142. The largest altcoin was trading within a significant supply stretching from US$1,750 to US$1,800. If the price volatility remains the same, the Ethereum price could stay within this area for some time.

A daily candlestick close below the US$1,800 psychological level could see ETH drop toward the US$1,700 defense level. This would represent a 2.14% drop in the past seven days. This could be where Ethereum's downside is capped for the short term.

It is not just Ethereum facing a slump in the last few months. Therefore, experts say that Ethereum could be bearing the massive selling pressure felt elsewhere in the cryptocurrency market in recent weeks. Bitcoin, the major cryptocurrency in the market, is also recording severe price hits in recent months. After reaching a record US$68,500 in October 2021, BTC's price dropped to US$26,000. Therefore, once the cryptocurrency market reaches a healing phase, Ethereum's price will also reach its previous high.