Ethereum Whale Dumps 15K ETH To Coinbase, Price To Nosedive At $2450?

Rupam Roy
January 13, 2024
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Ethereum Foundation Sells $6M ETH Amid Continued Whale Liquidations

In a recent development in the volatile cryptocurrency space, an Ethereum whale has made a substantial move, transferring about 15,000 ETH, valued at approximately $37 million, to the leading crypto exchange, Coinbase. The blockchain transactions tracking platform, Whale Alert, brought attention to this significant transfer, igniting curiosity among crypto enthusiasts and triggering a drop in Ethereum’s market price.

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Ethereum Whale Move Triggers Concern On Price

Whale Alert reported the transfer of 14,699 ETH, equivalent to $37.58 million, from an unknown wallet to Coinbase, raising eyebrows in the crypto community. This sizable movement seems to have impacted the current performance of Ethereum, as witnessed by the recent price of ETH.

On the other hand, prominent crypto analyst Ali Martinez has also shared his views on the Ethereum price on the X platform recently. According to Martinez, if the ETH price cannot maintain its position above the $2,530 mark, it may witness a further slip to the $2,450 level.

Meanwhile, the crypto market is now on edge as Ethereum currently flirts around the $2,550 mark. Notably, analysts and investors are closely monitoring Ethereum’s price movements following this significant whale transaction.

Also Read: Binance Dethroned As Indian Traders Flock To Local Firms Amid Regulatory Scrutiny

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A Closer Look Into Price & Other Developments

The price concern is compounded by the observations from CryptoQuant data, revealing that Ethereum’s Coinbase premium index, measuring the gap between Ethereum’s dollar-denominated price on Coinbase and its USDT-denominated price on Binance, fell to -0.51, marking its lowest level since December 31, 2023.

Meanwhile, this heightened Coinbase premium index adds another layer of uncertainty to Ethereum’s short-term future, raising questions about potential further price drops. As the market anticipates the next move, crypto enthusiasts brace for potential turbulence, with the $2,450 threshold becoming a critical level to watch.

Notably, as of writing, the Ethereum price traded at $2,554.15, down 1.42% over the last 24 hours. However, its trading volume from yesterday rose 26% to $24.22 billion at the same time. The ETH price has touched a high of $2,710.42 and a low of $2,460.93 over the last 24 hours.

Also Read: GameStop to Shutdown Its NFT Marketplace Amid Regulatory Scrutiny

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Rupam is a seasoned professional with three years of experience in the financial market, where he has developed a reputation as a meticulous research analyst and insightful journalist. He thrives on exploring the dynamic nuances of the financial landscape. Currently serving as a sub-editor at Coingape, Rupam's expertise extends beyond conventional boundaries. His role involves breaking stories, analyzing AI-related developments, providing real-time updates on the crypto market, and presenting insightful economic news. Rupam's career is characterized by a deep passion for unraveling the complexities of finance and delivering impactful stories that resonate with a diverse audience.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.