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

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%.

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.