Ethereum
Ethereum (ETH) Price Drops Another 1.5% Amid Massive Whale Deposit on Coinbase
Ethereum (ETH), the world’s second-largest cryptocurrency, remains under significant selling pressure, seeing a further 1.5% decline over the past 24 hours, hitting a low of $2,884. This slowdown led to an 8% decrease in Ethereum Price for the week.
Massive Ethereum Whale Deposit on Coinbase
As Ethereum (ETH) shows no signs of rising, whales have relatively lost patience lately. Spot On Chain, a leading on-chain data provider, has identified significant transactions involving an early holder of Ethereum (ETH), identified as 0x2ce.
About three hours ago, 0x2ce deposited a substantial amount of 4,153 ETH, equivalent to $12.2 million, into Coinbase at a price of $2,931 per ETH.
This transaction follows a pattern of previous movements of the whale. In 2016, the whale withdrew 12,423 ETH from Poloneix, worth around $137,000 at the time. As of 2021, 0x2ce actively deposits ETH into Coinbase and Luno, totaling 9,436 ETH at an average price of $2,245 per ETH, or $21.2 million.
According to the latest data, 0x2ce’s current holding stands at 2,566 ETH, valued at $7.48 million. Notably, the total estimated profit from these transactions stands at $28.5 million, representing a remarkable increase of 204%.
Upcoming ETH price reversal
Ethereum investors had pinned their hopes on the arrival of Ethereum Spot ETF by the end of May. However, market analysts have said that the chances of such approval remain very slim and the ETF has very little chance of hitting the market this year, in 2024.
In his recent interview With DL News, Bloomberg Senior Analyst Eric Balchunas said the chances of spot approval of the Ethereum ETF by the US SEC appear very slim, with no potential interaction between the issues and the SEC.
The upcoming US elections in November could impact the leadership of the SEC, which could result in a more crypto-friendly president if Donald Trump secures a second term. This could affect regulatory decisions on cryptocurrencies. If a new president takes office in April or May and filings follow quickly, approval or rejection deadlines could fall around December 2025.
In a recent assessment, famous crypto analyst Michael van de Poppe highlighted the continued decline trajectory of Ethereum (ETH)anticipating a drop between $2,500 and $2,750.
Courtesy: Poppe
Van de Poppe suggests that Ethereum’s fall is nearing its end and the predicted bottom will likely materialize in the next 1-2 weeks. He emphasizes that these predictions depend on the possibility of further delays in the approval of an Ethereum Exchange-Traded Fund (ETF).
Technically, van de Poppe describes a potential scenario in which a final downward move, called a “sweep,” occurs before a subsequent rotation into Ethereum ensues. This analysis highlights the nuanced interplay between market dynamics and regulatory developments that shape Ethereum’s price trajectory.