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The price of Ethereum (ETH), the second largest cryptocurrency, has faced a slight correction earlier today. While ETH is still expected to push toward the next high, some whales have turned bearish. This has added more pressure on trading activity, leveling additional obstacles for ETH to trigger a massive rally.
Whale Alert, the leading crypto tracking service, has detected two notable whale transactions earlier today. In the first transfer, a whale sent 12,573 coins from an unknown wallet to leading U.S. crypto exchange Coinbase. Based on the Ethereum price during the time, this transfer is estimated to be worth around $35 million.
The second transfer was conducted almost seven hours after the first movement. Whale Alert revealed that this whale also transferred 12,573 coins from an unknown crypto wallet to Coinbase. However, it is valued around $34.6 million, owing to the subsequent drop in the ETH price.
Impact on ETH price
Transfers like these typically put intense selling pressure on a coin. Whales are considered as key market players, as they have the tendency to influence trading behavior. The selling of these coins is indeed a bearish development for Ethereum. In fact, it has already put pressure on the price, as the market has witnessed a drop today.
Notably, the ETH price was looking solid over the weekend as it even cleared the crucial $2,800 level on Aug. 24. However, it has witnessed a slight drop amid this selling pressure from whales. As of this publication, Ethereum is trading at $2,746, after a drop of 0.47% in the last 24 hours.
The 24 -hour trading volume of the leading altcoin is also down 16.72% to $9.6 billion, showing a slight bearish sentiment on the market. However, ETH is still up 6.43% over the last seven days. This means that the coin has the potential to sustain this pressure and continue its upward momentum in the near future.