Ethereum (ETH) faces selling pressure as its price drops and whales make significant transactions.
The second-largest cryptocurrency in the world, Ethereum, continues to face intense selling pressure, as evidenced by its recent 1.5% loss and subsequent drop to $2,884 levels. As a result, the price of Ethereum has increased its weekly losses to 8%.
Massive Ethereum Whale Deposit on Coinbase
In recent times, the whales have been showing a pretty low level of patience due to the fact that ETH does not exhibit any indications of rising upward.
Spot On Chain, a well-known on-chain data provider, has discovered noteworthy transactions involving an early ETH holder who goes by the name 0x2ce.
A huge amount of 4,153 ETH, which is equivalent to $12.2 million, was deposited into Coinbase by 0x2ce at a price of $2,931 per ETH. This transaction took place approximately three hours ago.
This transaction is consistent with the whale’s prior movements, which have followed a pattern. When the whale made the withdrawal from Poloneix in 2016, it was 12,423 ETH, which had a value of around $137,000 at the time.
0x2ce has been making regular deposits of Ethereum (ETH) into Coinbase and Luno since 2021. So far, they have deposited a total of 9,436 ETH at an average price of $2,245 per ETH, which is equivalent to $21.2 million.
According to the most recent information, the amount of 0x2ce currently held is 2,566 ETH, which is equivalent to $7.48 million.
Notably, the projected total profit from these transactions amounts to $28.5 million, marking a stunning 204% rise.The introduction of the spot Ethereum ETF by the end of May was the expectation that investors in Ethereum had placed their hopes on.
According to market analysts, the odds of such approval remain extremely low, and the introduction of the exchange-traded fund to the market this year, in 2024, is highly unlikely.
Eric Balchunas, a senior analyst at Bloomberg, noted in a recent interview with DL News that the chances of the United States Securities and Exchange Commission (SEC) approving a spot Ethereum exchange-traded fund (ETF) appear to be extremely low, and there are no probable interactions between the issues and the SEC.
The upcoming November election in the United States could potentially shape the leadership of the Securities and Exchange Commission (SEC), potentially electing a chair who is more supportive of cryptocurrency if Donald Trump secures a second term.
This could potentially impact regulatory decisions related to cryptocurrency. If a new chair takes office in April or May and submits applications on time, the deadlines for acceptance or rejection could occur around December 2025.
The well-known cryptocurrency expert Michael van de Poppe recently made a statement in which he emphasized the continued downward trajectory of Ethereum (ETH).
He predicted that Ethereum will fall to a range of $2,500 to $2,750 in the near future. Van de Poppe, who believes that Ethereum’s decline is nearing its conclusion, believes there is a strong possibility that we will reach the anticipated low within the next one to two weeks.
He emphasizes that this estimate is dependent on the prospect of additional delays in the approval of an Ethereum Exchange-Traded Fund (ETF). He says that this forecast is based on delays.
Technically speaking, van de Poppe describes a possible scenario in which a final downhill movement, which is referred to as a “sweep,” takes place before a further rotation towards Ethereum takes occur.
The results of this analysis highlight the complex interaction between market dynamics and regulatory policy advancements that influence Ethereum’s price trajectory.