In a recent development in the volatile cryptocurrency space, an Ethereum whale has made a substantial move, transferring about 15,000 ETH, valued at approximately $37 million, to the leading crypto exchange, Coinbase. The blockchain transactions tracking platform, Whale Alert, brought attention to this significant transfer, igniting curiosity among crypto enthusiasts and triggering a drop in Ethereum’s market price.
Ethereum Whale Move Triggers Concern On Price
Whale Alert reported the transfer of 14,699 ETH, equivalent to $37.58 million, from an unknown wallet to Coinbase, raising eyebrows in the crypto community. This sizable movement seems to have impacted the current performance of Ethereum, as witnessed by the recent price of ETH.
On the other hand, prominent crypto analyst Ali Martinez has also shared his views on the Ethereum price on the X platform recently. According to Martinez, if the ETH price cannot maintain its position above the $2,530 mark, it may witness a further slip to the $2,450 level.
Meanwhile, the crypto market is now on edge as Ethereum currently flirts around the $2,550 mark. Notably, analysts and investors are closely monitoring Ethereum’s price movements following this significant whale transaction.
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A Closer Look Into Price & Other Developments
The price concern is compounded by the observations from CryptoQuant data, revealing that Ethereum’s Coinbase premium index, measuring the gap between Ethereum’s dollar-denominated price on Coinbase and its USDT-denominated price on Binance, fell to -0.51, marking its lowest level since December 31, 2023.
Meanwhile, this heightened Coinbase premium index adds another layer of uncertainty to Ethereum’s short-term future, raising questions about potential further price drops. As the market anticipates the next move, crypto enthusiasts brace for potential turbulence, with the $2,450 threshold becoming a critical level to watch.
Notably, as of writing, the Ethereum price traded at $2,554.15, down 1.42% over the last 24 hours. However, its trading volume from yesterday rose 26% to $24.22 billion at the same time. The ETH price has touched a high of $2,710.42 and a low of $2,460.93 over the last 24 hours.
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