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The struggles for Ethereum ($ETH) have continued as more obstacles have started to emerge. Moreover, we have seen a pattern of notable selling from whales. This trend seems to continue with each passing day, putting more hurdles on the road for a potential Ethereum price rally. The selling pressure is increasing, and the price is continuing its sideways movement.
Earlier today, two major $ETH transfers were detected by Whale Alert, a major crypto tracking service. These transactions have caused worry among investors and the broader crypto community. In the first transfer, the whale sent 13,883 $ETH from their private wallet to leading U.S. crypto exchange Coinbase.
Based on the $ETH price at the time, this transfer is valued around $32.6 million. While Ethereum was still grappling from this major sale, another whale seemingly followed the first sale. In the second transfer, a whale transferred 14,008 $ETH from their private wallet to the same exchange, Coinbase.
This transaction is estimated to be worth around $33.39 million. Collectively, the two whales have transferred a whopping 27,891 $ETH coins to Coinbase, and the total worth of these coins is around $66 million. These are huge numbers, and these sales have put more pressure on the Ethereum price, which was already struggling.
Ethereum price consolidation continues
As of writing this story, $ETH is trading at $2,381. Although it has jumped 1.36% in the last 24 hours, it is still trading on the lows compared to the previous levels. The $ETH price is down 10.43% in the last seven days, which shows the worrisome situation on the market. Investors have been apprehensive because of this trading pattern.
Consequently, the trading volume of Ethereum is down 24.93% during the same time period. It is currently standing at the $15 billion level. This lack of trading activity and a massive drop in volume clearly indicate that investor sentiment is bearish. The selling activity from whales also reflects this worrisome situation.