Ethereum (ETH) slightly recovered in its price today, but whales seem to be putting selling pressure on it. We typically see long-term holders, or whales, being on the bullish side. However, it appears that the tides are turning for ETH, as there was an intense sell-off today.
Crypto tracking service Whale Alert has revealed three different transactions, shedding light on these sales from whales. In the first transfer, a whale sent 39,999 ETH from their private wallet to crypto exchange Binance. This transaction is estimated to be worth around a whopping $93.5 million.
In the second transfer, another whale transferred 14,588 ETH from their personal wallet to Coinbase, the leading crypto exchange in the United States. According to estimates, this transfer is valued around $34.2 million. Finally, the third transfer was of 10,000 ETH being transferred to Binance from the whale’s wallet.
This transfer is worth around $23.3 million. Collectively, these whales have sold 64,587 ETH over the last 24 hours. The total value of these coins is estimated to be a staggering $151 million. It is a massive sell-off for ETH, which can hinder the recent price rebound and move the price toward another correction.
Another crash coming?
The Ethereum price is currently trading at $2,350.80, a slight jump of 1.66% in the last 24 hours. While it is not a big price increase for ETH, it is a crucial move, as there was a lot of bleeding for ETH and the broader crypto market in the past few weeks. It is a healthy rebound as it provides a sigh of relief to traders.
The 24-hour trading volume of Ethereum has also surged 13.15% to the $14.66 billion level. It is another positive indicator, hinting toward a more sustained price rebound. However, the bone of contention is today’s sell-off from whales. While it can hamper this price rebound, it may not have any long-lasting implications.