The cryptocurrency market continues to experience a downturn following news of a Spot Bitcoin ETF. Not only Bitcoin but also altcoins are affected by recent developments. A significant transaction by an Ethereum whale, moving 15,000 ETH worth $37 million to Coinbase, was revealed by Whale Alert. This transfer caused panic among investors and triggered a price drop for Ethereum.
According to Whale Alert, 14,699 ETH valued at $37.58 million was sent to Coinbase, stirring significant attention within the crypto community. This move seems to have contributed to the recent decline in ETH’s value.
Analyst Ali Martinez recently highlighted potential Ethereum price movements on platform X. Martinez suggested that if ETH fails to sustain above $2,530, it could trend towards $2,450.
At the time of writing, Ethereum’s price was exactly at the level Martinez mentioned, $2,530. Analysts are closely monitoring Ethereum’s price movements following the whale’s substantial transfer.
Data from CryptoQuant indicates that Ethereum’s Coinbase premium index dropped to -0.51, the lowest since December 31, 2023, supporting the price decline. The situation raises questions about Ethereum’s short-term future and whether a potential price drop could intensify. As the market ponders the implications of recent whale activity, Ethereum’s price continues to fall, with a 3.2% decrease in the last 24 hours, trading at $2,530, despite a 20% increase in 24-hour trading volume to over $23 billion.
