Major Ethereum Whale Triggers Sell-Off: What Does it Mean for ETH?

Ethereum (ETH) Whale Triggers Major Sell-Off, Putting Bearish Pressure on Leading Altcoin

Ethereum (ETH) has been facing a tough time in the market recently, with the leading altcoin struggling to gain bullish momentum. In a worrying sign for ETH investors, a major Ethereum whale triggered a significant sell-off earlier today, according to Whale Alert.

The tracking service reported that the whale transferred a whopping 10,291 ETH to the popular crypto exchange Coinbase. With the current price of ETH, this transaction is valued at around $33.7 million. The timing of this whale transfer is crucial as it comes at a time when Ethereum is already lacking support from bulls.

Crypto whales typically hold a large amount of coins in their personal wallets and transfer them to exchanges when they plan on selling. In this case, the transfer of ETH to Coinbase indicates a sell-off, which could potentially trigger a downturn in the market.

The sell-off is expected to put more bearish pressure on Ethereum, which is currently trading at $3,249 after a 0.82% decrease in the last 24 hours. The price of ETH has also seen a 7.18% drop in the past day, further troubling the market.

Despite the recent approval of spot Ethereum ETFs by the U.S. SEC, which saw significant investor inflows, Ethereum has not reacted positively to this development. However, experts believe that such major developments have long-term positive impacts and ETH may soon recover from its current bearish phase.

Overall, the sell-off triggered by the Ethereum whale has raised concerns among investors and traders, highlighting the importance of monitoring whale activity in the crypto market. Stay tuned for more updates on Ethereum and other cryptocurrencies on U.TODAY and Google News.