Although the price of Ethereum (ETH) has somewhat rebounded today, whales appear to be pressing for a sale. Long-term holders, sometimes known as whales, are generally bullish. However, given the strong sell-off that occurred today, it seems like things are starting to change for ETH.
Three distinct transactions have been made public by cryptocurrency tracking firm Whale Alert, providing insight into these sales made by whales. A whale submitted 39,999 ETH from their secret wallet to the cryptocurrency exchange Binance in the first transfer. The estimated value of this deal is a staggering $93.5 million.
Another whale made a second transfer in which they sent 14,588 ETH from their private wallet to Coinbase, the top cryptocurrency exchange in the US. Estimates place the value of this transfer at $34.2 million. The whale’s wallet included 10,000 ETH, which was sent to Binance in the third and final transfer.
The estimated value of this transfer is $23.3 million. Over the past 24 hours, these whales have sold a total of 64,587 ETH. These coins are believed to be worth a whooping $151 million in total. There has been a significant sell-off in ETH, which might impede the current price increase and cause the market to undergo another correction.
Another crash coming?
As of this now, the price of Ethereum is $2,350.80, up 1.66% over the previous day. Even though ETH’s price has not increased significantly, this is a critical step given the recent volatility in both ETH and the larger cryptocurrency market. It’s a welcome comeback that gives traders a sense of comfort.
Ethereum’s 24-hour trading volume has increased to $14.66 billion, a 13.15% increase. It is yet another encouraging sign that points to a longer-lasting price increase. But the point of disagreement is the whale sell-off that occurred today. Although it could impede this price recovery, there might not be any long-term effects.
