6,663 Ethereum (ETH) Stun Coinbase as Sell-off Continues

Amid the declining price performance of Ethereum (ETH) on the cryptocurrency market, whales are actively making decisive moves. Recently, an Ethereum whale stunned the crypto exchange Coinbase with a major transfer.

Institutional confidence amid price decline

According to Whale Alert, the whale transferred 6,663 ETH worth $22,285,102 from Coinbase to Coinbase Institutional. The move from a retail exchange to a platform catering to institutional investors suggests continued interest despite the declining price.

Analysts suggest that the transfer could mean that a large investor or institution moves funds for long-term holding, trading, or custody.

Coinbase Institutional provides services for institutional investors, such as over-the-counter (OTC) trades or secure storage. Hence, the large movement of 6,663 ETH to Coinbase Institutional signals confidence in Ethereum by major institutional players.

Generally, institutional investors make calculated investments based on well-researched metrics, and this transfer could trigger a market rally if the motive behind it is custody-focused. As such, this transaction will likely attract the attention of traders and the broader crypto community.

This is because institutional activity often serves as an indicator of the likely future price outlook. Conversely, OTC sales might intensify the current sell-off on the market.

Ethereum’s future price projections

As of this writing, ETH price was trading for $3,336.35, down by 4.22% as the coin struggles amid market volatility. Meanwhile, trading volume also declined by 9.92% to $19.35 billion. Ethereum has fluctuated significantly in the past seven days, dipping to a low of $3,117 in market trading.

Meanwhile, BlackRock’s Ethereum ETF market has outperformed other players. Data show the asset manager attracted a $43.9 million inflow on Dec. 24, taking its net assets to $3.65 billion.

Despite the downward spiral, analysts remain optimistic about Ethereum’s rebound soon. According to an earlier U.Today report, there are predictions that if ETH could breach its $4,000 level, the altcoin can push higher.

In the long term, some analysts have projected $10,000 as a possible price level.