Ethereum whales putting bearish pressure on market
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Notably, crypto whales hold coins in their personal wallets. But they transfer the coins to an exchange when they plan on selling those coins. In this case, the whale has transferred ETH coins to Coinbase, and it clearly indicates a sell-off.45.6 Million XRP Withdrawal Stuns Largest Crypto Exchange Binance
This is a worrying sign for Ethereum as such moves from whales can trigger a downturn. While ETH is already struggling to gain traction, this sell-off is expected to put more bearish pressure on the coin. Moreover, it also shows that major traders are showing minimal interest in Ethereum.As of now, Ethereum is trading at $3,249 after a decrease of 0.82% in the last 24 hours. Moreover, the ETH price is down 7.18% in the last 24 hours. ETH has been consolidating in the past few weeks.
However, Ethereum has not really reacted to it in a positive way. The Ethereum price has remained in the bearish territory. But it should be noted that such major developments do not result in a big rally right away. They have positive impacts in the long term, hence ETH may get out of the current bearish phase soon.
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