Ethereum Price Drops Below $3,500 as Whales Transfer $79M to Coinbase

Ethereum (ETH) price has been in bearish momentum in the last 24 hours, swaying between an intra-day high and low of $3,536.84 and $3,447.94, respectively.

This 24-hour low was hit after Whales shifted Ethereum coins worth around $79,167,723 as of press time.

Ethereum Whale Activity Amid Market Dip

Whale Alert, an onchain tracking platform, has identified two significant ETH transactions in the last three hours. According to the report, the whales moved 13,166 ETH worth around $45,888,084 and 9,485 ETH worth $33,279,639, respectively, to Coinbase and Coinbase Institutional. These large transfers mostly lean toward potential sell-off pressures, indicating a shift in market sentiment toward the bears. 

🚨 🚨 13,166 #ETH (45,888,084 USD) transferred from unknown wallet to Coinbase Institutionalhttps://t.co/a5M791DY2D

— Whale Alert (@whale_alert) June 21, 2024

Accompanying this trend, ETH’s market capitalization and 24-hour trading volume fell by 1.53% and 5.97%, respectively, to $425,200,317,554 and $15,311,427,759. This dip in the trading volume suggests a declining interest among traders. If this bearish momentum persists, the following support to monitor would be $3,460 and $3,440. 

However, bulls would need to close above $3,500 for a bullish reversal. According to Coinglass, this potential reversal is supported by a slight increase in open interest by 0.78% to $15.79 billion. 

Is ETH Price Poised For a Bullish Recovery?

Despite being bearish in the last 24 hours, Ethereum’s price has been bullish over the previous seven days, rising 3% in anticipation of spot Ethereum ETF trading approval. Last week, according to Coingape, Bloomberg analysts updated their approval timeline to July 2. 

Consequently, with the issuers expected to file updates to their spot Ethereum ETF S-1 registration form today, ETH’s bullish momentum may be looming. So far, the issuers that have submitted their S-1 updated filings are Fidelity Investments, Bitwise, and BlackRock.

These ETSs are expected to impact the Ethereum price due to the potential of increasing demand for ETH. Moreover, according to a report by K33 research, the ETFs may attract over $4 billion in inflows in the first five months, projecting that the price may hit $5,500 by August.  

Source: CoinMarketCap

In addition, with the SEC having dismissed its 14-month investigation of Ethereum, analysts project that Spot Ethereum ETF trading approval may be imminent. Despite this, Ethereum was exchanging hands at $ $3,477.36, a 1.51% decline from the intra-day high at press time.

Read Also: 9 Crucial Ethereum (ETH) Tailwinds Spotted By Bitwise CIO