92,873 Ethereum in 10 Minutes, What’s Going On?

Ethereum (ETH) whales are in active mode as a total of 92,873 ETH has been transferred across different platforms within the space of 10 minutes. Whale Alert, an on-chain platform, tracked three transactions that occurred involving these large holders.

Whale Alert Flags $236 Million in Ethereum Transactions

According to the data platform, the largest of the three Ethereum transactions occurred between two unknown wallets. It involved 40,000 ETH, valued at $101,926,554 at a market price of $2,548.16, and was executed in a single move.

The second transaction was initiated from the Binance exchange and sent to an unknown wallet. The transfer worth over $83.89 million in fiat currency was for a total of 32,873 ETH.

These two movements suggest bullish sentiments, as both whales appear likely to sell their assets, thereby indicating accumulation. Notably, the transaction from Binance to an unknown wallet indicates confidence on the part of the whale in ETH’s future outlook. Pulling such a massive amount of Ethereum out of the exchange for possible storage supports this assumption.

The last transaction monitored by Whale Alert is different from the previous two. This, unlike the others, originated from an unknown wallet and was transferred to Coinbase Institutional. This involved the transfer of 20,000 ETH valued at $51.009 million.

This last movement to Coinbase signals that the owner might be preparing to sell. Such development could add to the selling pressure and possibly impact Ethereum’s price in the market. It might also be that the investor is rebalancing their holdings on the exchange.

What’s Next for Ethereum Price Outlook?

Regardless, market participants are closely monitoring the price movement of the leading altcoin to see how it reacts to these transactions. As of this writing, Ethereum was trading at $2,550.29, representing a 1.69% decline over the last 24 hours.

The asset plunged from a peak of $2,635.19 as trading volume dropped significantly by 30.55% to $18.19 billion. The drop in volume and technical rejection of Ethereum’s momentum have impacted the price outlook.

With whales making some moves, it may help the asset recover from its recent decline towards a higher level. Notably, the price has remained above the $2,500 support level.