- Ethereum token witnessed several whale movements in the past 24 hours.
- The altcoin’s daily trading volume surged 17.44% as per CMC data.
Leading altcoin Ethereum has witnessed several whale movements in the past 24 hours. While the token’s price has consolidated at the $2.6K level, particular community members were observed selling ETH tokens. Meanwhile, the overall cryptocurrency market has shown positive momentum with Bitcoin and other altcoins showing modest price increases.
Notably, the second largest altcoin, Solana, has returned to its previous price levels similar to Bitcoin. On the other hand, Ethereum showed a mild dip of 1.23% over the last 24 hours. In the late Asian hours of August 12, ETH traded at $2,682, after which it attempted to surpass $2.6K.
Subsequently, at the day’s beginning, Ethereum hit a weekly high of $2,749, before residing to current levels. At the time of writing, ETH was trading at $2,642 according to CMC data. Additionally, the token’s daily trading volume surged 17.44%.
Zooming out, over the past week, the token shows a price performance of 7.09% increase after the previous dips. Despite the price recovery, Ethereum has shown repeated action of returning to the $2.6K level, struggling to break the resistance level.
Moreover, the token’s RSI stands at 40.11 indicating a consistent selling sentiment among investors according to TradingView reports. Additionally, the token’s long-term 21-day MA stands above the short-term 9-day MA highlighting the current bearish trend. Meanwhile, as aforementioned, the altcoin witnessed key whale movements in the past day.
Are Ethereum (ETH) Whales Initiating Major Selloffs?
Tron Network founder, Justin Sen was observed transferring ETH tokens from his wallet to the Aave Network and Poloniex exchange wallets 4 hours ago. Additionally, crypto investment firm Block Tower Capital sold 9,232 ETH tokens to four different institutions.
Additionally, according to WhaleAlert reports, particular whales were observed dumping ETH tokens onto the Coinbase exchange. These whale movements have caused the ETH market sentiment to lean towards selling pressures despite price recovery.
Meanwhile, the US spot ETH ETFs recorded positive weekly inflows for the first time last week. The digital assets were initially expected to propel a bull run in Ethereum causing it to hit new PATH. However, contrary to market expectations, the spot ETFs failed to instigate price breakouts in the altcoin.
