Ethereum’s Growth Stalls as Whales Move 300K ETH to Coinbase

• Two wallets transferred over 300,000 ETH, worth $488 million, to Coinbase.
• An unidentified wallet moved 21,000 ETH to cryptocurrency exchange, OKX.
• Ethereum’s daily trading volume increased by 31.08%, according to CoinMarketCap data.

Ethereum , the world’s second-largest digital currency, has been caught in a significant bearish trend in recent weeks, mirroring the broader cryptocurrency market. However, despite the considerable market downturn, two prominent wallets have executed substantial transfers to the leading cryptocurrency exchange, Coinbase. Data from Whale Alert indicates that these transactions amount to over 300,000 ETH, equating to an estimated $488 million at current market rates.

On the 5th of September, Whale Alert, a renowned blockchain transaction tracking platform, reported a significant transfer of 300,000 ETH, valued at over $488 million. This substantial transaction was made from two unidentified wallet addresses to the prominent cryptocurrency exchange, Coinbase. Interestingly, these two wallet addresses are identified as Coinbase’s cold storage wallets. After the hefty transfer to Coinbase’s cold wallets, the funds were dispersed across various wallet addresses, with each transaction amounting to 4,282 ETH.

Furthermore, an unidentified crypto wallet moved 21,000 ETH, equivalent to approximately 34,080,667 USD, to the premier cryptocurrency exchange, OKX. Despite the ongoing large-scale transactions, which typically indicate a potential price surge, Ethereum, the top alternative cryptocurrency, persisted in its bearish trend.

Ethereum (ETH) Continues its Downtrend

Despite the substantial volume of transactions, Ethereum has struggled to gather pace. As of this analysis, ETH is trading at $1,621, marking a decrease of more than 0.87% in the past 24 hours. Nonetheless, ETH’s daily trading volume has seen a significant increase of 31.08%, according to CoinMarketCap data.

The daily trading price graph indicates that Ethereum continues its downward trajectory, with the current trading price falling below the 50-day exponential moving average (50 EMA). Concurrently, the daily relative strength index (RSI) stands at 35.38, signifying that the leading altcoin is teetering on the edge of the oversold territory.

Should the prevailing trend shift, Ethereum (ETH) could potentially witness a bullish surge, breaking past the immediate resistance level of $1700. If this upward momentum persists, it could shatter the $1750 barrier and even exceed the $1800 threshold. Conversely, if ETH struggles to break through the immediate resistance of $1,700, it may be subjected to additional bearish forces. In this event, the price could retract towards the nearest support level of $1,600 and may even plummet below $1,540.