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Following the news of a Spot Bitcoin ETF, the market continues to decline. Developments are occurring not only in Bitcoin but also in altcoins. Recently, an Ethereum whale executed a massive transaction, moving 15,000 ETH worth 37 million dollars in an instant. These ETH were transferred to Coinbase. The transfer, revealed by the well-known whale tracker Whale Alert, caused panic among investors and triggered a drop in the price of Ethereum.
Current Ethereum Status
According to data provided by Whale Alert, 14,699 ETH worth 37.58 million dollars were sent to the Coinbase exchange in the past few hours. This transfer has caused a significant stir in the cryptocurrency community. The movement appears to be a reason for the recent decline in ETH’s price.
Ali Martinez, who has come to the forefront with his recent analyses, had made significant comments about Ethereum on the X platform in the past days. According to Martinez’s prediction, if the ETH price cannot sustain above 2,530 dollars, it could be seen moving towards 2,450 dollars.
As of the time of writing, the price is exactly at the level mentioned by Martinez, trading at 2,530 dollars. Analysts closely following the cryptocurrency are keeping a close eye on the price movements of Ethereum after this massive whale transaction.
A Closer Look at Prices and Other Developments
Based on CryptoQuant data, it is observed that Ethereum’s Coinbase premium index has dropped to -0.51, which is the lowest level since December 31, 2023, and this supports the price decline.
Meanwhile, this situation in the Coinbase premium index is causing increasing uncertainty about Ethereum’s short-term future and raises questions about whether a potential price drop will deepen.
While the market continues to question where the recent whale movements could lead, cryptocurrency followers are preparing for a potential decline and are starting to vocalize the 2,450 dollar level more loudly.
While all this is happening, the price of ETH continues to fall. At the time of writing, there has been a 3.2% decrease in the last 24 hours, and the price is finding buyers at the 2,530 dollar level. Despite the drop in price, the 24-hour trading volume has increased by over 20%, exceeding 23 billion dollars.
