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An Ethereum whale recently made a significant move in the unpredictable cryptocurrency market by transferring over 15,000 ETH, or roughly $37 million, to Coinbase, the top exchange. This large transfer was made public by the blockchain transaction tracking tool Whale Alert, which raised interest among cryptocurrency aficionados and caused Ethereum's market price to decline.
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Ethereum Whale Move Raises Price Concerns
The movement of 14,699 ETH, or $37.58 million, from an unidentified wallet to Coinbase was reported by Whale Alert, which caused a stir in the cryptocurrency world. The recent volatility in the price of ETH suggests that this significant movement has had an effect on Ethereum's performance thus far.
However, well-known cryptocurrency expert Ali Martinez recently discussed his opinions regarding the price of Ethereum on the X platform. Martinez adds that there could be a further decline in the price of ETH to the $2,450 level if it is unable to hold its position above $2,530.
The cryptocurrency market is now tense as Ethereum is currently trading close to $2,550. Notably, in the wake of this big whale purchase, analysts and investors are keeping a careful eye on Ethereum's price fluctuations.
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Examining Prices and Other Developments in More Detail
The observations from CryptoQuant data, which show that Ethereum's Coinbase premium index—which measures the difference between the price of Ethereum in US dollars on Coinbase and US dollars on Binance—fell to -0.51, its lowest level since December 31, 2023, add to the price concern.
Ethereum's short-term future is now even more uncertain due to this elevated Coinbase premium index, which begs the question of possible future price declines. Crypto aficionados prepare for possible volatility as the market waits for the next move, with the $2,450 barrier emerging as a crucial target to monitor.
Notably, the price of Ethereum was down 1.42% from the previous day's trading at $2,554.15, as of this writing. On the other hand, yesterday's trade volume increased by 26% to $24.22 billion. Over the past day, the price of ETH has fluctuated between $2,460.93 and $2,710.42.