Ethereum Whale dumps 15K ETH to Coinbase, price plummets to $2450?
In the latest development in the volatile cryptocurrency space, an Ethereum whale made a significant move, transferring approximately 15,000 ETH, worth approximately $37 million, to major cryptocurrency exchange Coinbase. Whale Alert, a blockchain transaction tracking platform, brought attention to this significant transaction, sparking curiosity among cryptocurrency enthusiasts and triggering a decline in the Ethereum market price.
Ethereum Whale Movement Causes Price Concerns
Whale Alert raised eyebrows in the cryptocurrency community by reporting that 14,699 ETH, worth $37.58 million, was transferred from an unknown wallet to Coinbase. This significant movement appears to have had an impact on Ethereum’s current performance, as evidenced by the recent ETH price.
Meanwhile, renowned cryptocurrency analyst Ali Martinez also recently shared his views on the Ethereum price on the X platform. According to Martinez, if the ETH price cannot sustain above $2,530, it could fall further to the $2,450 level.
Meanwhile, the cryptocurrency market is currently in crisis as Ethereum is currently hovering around the $2,550 level. In particular, analysts and investors are closely monitoring the price movements of Ethereum following this significant whale trade.
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A closer look at pricing and other developments
Price concerns are further compounded by observations from CryptoQuant data, which show that Ethereum’s Coinbase Premium Index, which measures the gap between the dollar-denominated price of Ethereum on Coinbase and the USDT-denominated price on Binance, fell to -0.51, its lowest level since December. It appears to have been recorded. 31st, 2023.
Meanwhile, this higher Coinbase Premium Index adds another layer of uncertainty to Ethereum’s near-term future, raising questions about potential further price declines. As the market anticipates the next move, cryptocurrency enthusiasts are bracing for potential chaos with the $2,450 threshold becoming an important level to watch.
Notably, as of this writing, the price of Ethereum is trading at $2,554.15, down 1.42% over the past 24 hours. But at the same time, trading volume increased 26% from yesterday to $24.22 billion. ETH price hit a high of $2,710.42 and a low of $2,460.93 in the last 24 hours.
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Ethereum Whale exported 15,000 ETH to Coinbase, causing price to plummet to $2450? Originally appeared on CoinGape
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