Ethereum Whales Move Millions, Casting Uncertainty on Market Recovery

Ethereum Whales Move Millions, Casting Uncertainty on Market Recovery

Jul 09 Tech Standard

Major players are making waves in the uncertain crypto market. According to Whale Alert, a massive transfer of Ethereum (ETH) took place recently. A whopping 11,215 ETH, valued at roughly $34.35 million, moved from an unknown wallet to cryptocurrency exchange Coinbase.

This significant transaction suggests a potential sell-off by a whale, which could further impact the already struggling market. Ethereum, the leading altcoin, has suffered a 16.68% price drop in the last month, highlighting the intensity of the recent crash. Bitcoin (BTC) hasn't been spared either, demonstrating the widespread impact.

While many anticipate an ETH price rebound, some traders seem to be offloading their holdings. This particular whale's move, with nearly $34.35 million in ETH, could push the price down further. Whales are known for their significant influence on the market, and their actions can cause short-term price swings.

The current Ethereum price sits around $3,072, with a slight increase of 0.52% in the last day. However, it's yet to recover from the previous losses. The prevailing bearish sentiment dampens the spirits of bulls and creates market uncertainty.

Interestingly, the recent whale sell-off hasn't significantly impacted the ETH price yet. The coin remains above the crucial $3,000 support level, offering a glimmer of hope. This suggests that bulls haven't entirely given up and are still expecting a price recovery in the near future.


Crafting cinematic stories through the lens of my phone, I am a blogger and content writer who expresses the essence of my blogs through words

What do you think?

Show comments / Leave a comment

You are not Signed in