Ethereum has seen the price of its native token ETH drop alongside Bitcoin as the bear market continues to gain group. This has triggered fear among investors, leading to high selling pressure on the digital asset. Even the Ethereum whales are now dancing to the tune of the bear market as they have begun to send large amounts of ETH to centralized exchanges.
The transfer took place across two transactions carrying 150,000 ETH each. At the time, each of the transactions was carrying ETH worth $243 million to the exchange. So in total, both transactions saw a total of $486 million in ETH moved to Coinbase.
Despite being such closely watched transactions, there have been no indications of what the whales intend to do. Usually, coins moving toward centralized exchanges means sell-offs, especially for large investors, who do so to minimize the impact of their selling as much as possible.
However, the price of Ethereum is still trading close to where it was on Monday, and if these whales were looking to sell, then such activities would’ve led to a fast plunge in the price of ETH.
Usually, when indicators have dropped so low, it can often be a bounce-off point for a recovery. So while ETH may be looking toward more bear movement for the near term, the digital asset could be close to another rally, possibly pushing its price above $1,700 once more.
