On-chain data suggests some Ethereum whales may jump the wagon in the face of ongoing tug-of-war between bulls and bears. This phenomenon is becoming increasingly evident as trading data from whale trackers reveals significant escalate in whale activity in the last 24 hours. Most of these transactions are directed to various cryptocurrency exchanges, indicating a possible large-scale change in strategy or sentiment among these investors.
It is worth noting that on-chain transaction alerts from Whale_Alerts show that approximately $205 million worth of ETH was transferred from unknown wallets to cryptocurrency exchange Coinbase over the past 24 hours.
Ethereum Whales Send Huge Amounts to Coinbase
As mentioned earlier, transaction alerts from whale transaction tracker Whale_Alerts show that 61,819 ETH was sent to cryptocurrency exchange Coinbase in the past 24 hours from whale wallets. These transactions, worth a total of $205 million at the time of the transfer, were disclosed via social media platform X.
Interestingly, the transfer to Coinbase did not occur in a lump sum, but rather in a series of five transfers, each averaging 10,290 ETH, suggesting they were controlled by the same entity. Regardless, the transfer of such a significant amount of ETH has drawn attention, as evidenced by the comments on the alerts on X. Observers speculate about the intentions behind these transfers, with most suggesting potential liquidation.
🚨 🚨 10 291 #ETH (34,116,942 USD) transferred from unknown wallet to #Coinbasehttps://t.co/nDVnyKT28v
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10 291 #ETH (34,162,130 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Z5vofQNoso
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10 323 #ETH (34,492,433 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Z5rp3IHwFe
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10 291 #ETH (34,097,937 USD) transferred from unknown wallet to #Coinbasehttps://t.co/dUggaEZ0XM
— Whale Alert (@whale_alert) July 29, 2024
20 623 #ETH (68,335,696 USD) transferred from Coinbase Institutional to unknown up-to-date wallethttps://t.co/62HNL1iGxi
— Whale Alert (@whale_alert) July 29, 2024
What does this mean for ETH?
The escalate in whale activity comes at a time when Ethereum is experiencing significant variabilityy. ETH bulls and bears are currently engaged in a fierce battle for control after take-off Spot Ethereum ETFs.
Crypto whales have a significant impact on market dynamics. Their activities are closely monitored by retail traders and analysts. As a result, these significant Ethereum transfers to Coinbase could have significant implications for the cryptocurrency market. When immense amounts of ETH move to exchanges, it often signals an intent to sell, which can lead to increased selling pressure. This influx of supply could depress the price of Ethereum in the brief term.
At the time of writing, Ethereum is trading at $3,340 and is struggling to maintain a position above the vital resistance level of $3,357. This resistance point represents a massive order block that has consistently challenged bullish traders over the past 30 days. Recent significant transfers of Ethereum to Coinbase likely contributed to the difficulty in overcoming this resistance.
Despite this, it exists the prevailing bullish mood in the trading community, with many expecting initial breakouts above key order blocks around $3,357 and $3,540.
In other news, the Ethereum community recently celebrated the cryptocurrency’s 9th birthday.
Content 9th Birthday, Ethereum!
I can’t wait to see what the next decade brings. photo: twitter.com/bXq56mIff7
— vitalik.eth (@VitalikButerin) July 30, 2024
Featured image created with Dall.E, chart from Tradingview.com
