Ethereum (ETH) Price Slips Another 1.5% Amid Massive Whale Deposit on Coinbase

Highlights

Ethereum whale deposits $12 million worth of ETH on crypto exchange Coinbase.
Chances of spot Ethereum ETF approval look bleak by the end of May.
Analysts expect the ETH price decline to $2,500 before it resumes the uptrend again.

Ethereum (ETH), the world’s second-largest cryptocurrency, remains under significant selling pressure, experiencing a further decline of 1.5% over the last 24 hours, reaching as low as $2,884. This downturn has led to an 8% decrease in the Ethereum price for the week.

Massive Ethereum Whale Deposit on Coinbase

As Ethereum (ETH) shows no signs of moving upside, the whales have been relatively losing patience in recent times. Spot On Chain, a prominent on-chain data provider, has identified significant transactions involving an early Ethereum (ETH) holder, identified as 0x2ce.

Approximately three hours ago, 0x2ce deposited a substantial amount of 4,153 ETH, equivalent to $12.2 million, into Coinbase at a price of $2,931 per ETH.

This transaction follows a pattern of previous movements by the whale. In 2016, the whale withdrew 12,423 ETH from Poloneix, valued at approximately $137,000 at the time. Since 2021, 0x2ce has been actively depositing ETH into Coinbase and Luno, totaling 9,436 ETH at an average price of $2,245 per ETH, amounting to $21.2 million.

As of the latest data, the current holding of 0x2ce stands at 2,566 ETH, valued at $7.48 million. Notably, the estimated total profit from these transactions amounts to $28.5 million, representing a remarkable increase of 204%.

3 hours ago, Early $ETH holder 0x2ce deposited 4,153 $ETH ($12.2M) to #Coinbase at $2,931.

The whale withdrew 12,423 $ETH from #Poloneix at ~$11.03 ($137K) in 2016,

And has deposited 9,436 $ETH to #Coinbase and #Luno at ~$2,245 ($21.2M) since 2021.

Current holding: 2,566 $ETH… pic.twitter.com/ky5g0uy2n5

— Spot On Chain (@spotonchain) May 13, 2024

ETH Price Reversal Soon

Ethereum investors had pinned their hopes on the arrival of the spot Ethereum ETF by May end. However, market analysts have been stating that the odds of such approval remain very slim with very less chances of the ETF coming to the market this year in 2024.

In his recent interview with DL News, senior Bloomberg analyst Eric Balchunas stated that the chances of spot Ethereum ETF approval by the U.S. SEC seem to be very slim with no potential interactions between the issues and the SEC.

The upcoming U.S. election in November could impact SEC leadership, potentially resulting in a more crypto-friendly chair if Donald Trump secures a second term. This could affect regulatory decisions on cryptocurrencies. If a new chair takes office in April or May and filings follow promptly, approval or rejection deadlines could fall around December 2025.

In a recent assessment, renowned crypto analyst Michael van de Poppe highlighted the ongoing downward trajectory of Ethereum (ETH), anticipating a decline to the range of $2,500 to $2,750.

Van de Poppe suggests that Ethereum’s descent is nearing its conclusion, with the projected low likely to materialize within the next 1-2 weeks. He emphasizes that this forecast is contingent upon the possibility of further delays in the approval of an Ethereum Exchange-Traded Fund (ETF).

Technically, van de Poppe outlines a potential scenario where a final downward movement, termed a “sweep,” occurs before a subsequent rotation towards Ethereum ensues. This analysis underscores the nuanced interplay between market dynamics and regulatory developments shaping Ethereum’s price trajectory.

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Bhushan Akolkar

Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets.   He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.

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