The majority of these transactions are directed towards various crypto exchanges, indicating a possible shift in strategy or sentiment among these large-scale investors. Notably, on-chain transaction alerts from Whale_Alerts show that approximately $205 million worth of ETH has been transferred into crypto exchange Coinbase from unknown wallets within the past 24 hours. Ethereum Whales Send Huge Amounts To Coinbase As noted earlier, transaction alerts from whale transaction tracker Whale_Alerts show that 61,819 ETH were sent to the crypto exchange Coinbase in the past 24 hours from whale wallets.
Observers are speculating about the intentions behind these transfers, with most suggesting a potential liquidation. 🚨 🚨 10,291 #ETH (34,116,942 USD) transferred from unknown wallet to #Coinbase — Whale Alert (@whale_alert) July 29, 2024 🚨 🚨 10,291 #ETH (34,162,130 USD) transferred from unknown wallet to #Coinbase — Whale Alert (@whale_alert) July 29, 2024 🚨 🚨 10,323 #ETH (34,492,433 USD) transferred from unknown wallet to #Coinbase — Whale Alert (@whale_alert) July 29, 2024 🚨 🚨 10,291 #ETH (34,097,937 USD) transferred from unknown wallet to #Coinbase — Whale Alert (@whale_alert) July 29, 2024 🚨 🚨 🚨 20,623 #ETH (68,335,696 USD) transferred from Coinbase Institutional to unknown new wallet — Whale Alert (@whale_alert) July 29, 2024 What Does This Mean For ETH?
The recent substantial transfers of Ethereum to Coinbase likely contributed to the difficulty in overcoming this resistance. Despite this, there is a prevailing bullish sentiment within the trading community, with many traders anticipating initial breakouts above key order blocks around $3,357 and $3,540. In other news, the Ethereum community recently celebrated the cryptocurrency’s 9th birthday.
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