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The fight over Ethereum (ETH) continues as more obstacles begin to emerge. We also saw a noticeable selling pattern from the whales. This trend seems to continue with each passing day, imposing more hurdles on the path to a potential Ethereum price increase. Selling pressure has increased and prices continue to move sideways.
Earlier today, two large ETH transfers were detected by Whale Alert, a leading cryptocurrency tracking service. These transactions have raised concerns among investors and the broader crypto community. In the first transfer, Whale transferred 13,883 ETH from his private wallet to Coinbase, a leading US cryptocurrency exchange.
Based on the ETH price at the time, the value of this transfer would be approximately $32.6 million. While Ethereum is still struggling with this massive sell-off, another whale appears to have followed the initial sell-off. In the second transfer, Whale sent 14,008 ETH from his private wallet to the same exchange, Coinbase.
The deal is estimated to be worth approximately $33.39 million. In total, the two whales transferred a whopping 27,891 ETH coins to Coinbase, giving the total value of these coins around $66 million. These are huge numbers, and these sales add further pressure to the already depressed Ethereum price.
Ethereum price stability continues
As of this writing, ETH is trading at $2,381. Although the stock has gained 1.36% in the past 24 hours, it is still trading lower compared to its previous levels. ETH price has fallen by 10.43% in the past 7 days, indicating an alarming situation in the market. Investors are concerned about this trading pattern.
As a result, Ethereum trading volume decreased by 24.93% during the same period. It is currently at the $15 billion level. This lack of trading activity and significantly reduced volume clearly indicates bearish investor sentiment. Whale sales activities also reflect this alarming situation.
