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Ethereum <a href="https://coingape.com/price/ethereum">(ETH) price</a> has been in bearish momentum in the last 24 hours, swaying between an intra-day high and low of $3,536.84 and $3,447.94, respectively. 
This 24-hour low was hit after Whales shifted Ethereum coins worth around $79,167,723 as of press time. 
<h2 id="ethereum-whale-activity-amid-market-dip">Ethereum Whale Activity Amid Market Dip</h2> 
Whale Alert, an onchain tracking platform, has identified two significant ETH transactions in the last three hours. According to the report, the <a rel="nofollow" href="https://t.co/E96vcG4bWM">whales</a> moved 13,166 ETH worth around $45,888,084 and 9,485 ETH worth $33,279,639, respectively, to Coinbase and Coinbase Institutional. These large transfers mostly lean toward potential sell-off pressures, indicating a shift in market sentiment toward the bears.&nbsp; 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"> 13,166 <a href="https://twitter.com/hashtag/ETH?src=hash&amp;ref_src=twsrc%5Etfw">#ETH</a> (45,888,084 USD) transferred from unknown wallet to Coinbase Institutional<a href="https://t.co/a5M791DY2D">https://t.co/a5M791DY2D</a> 
 — Whale Alert (@whale_alert) <a href="https://twitter.com/whale_alert/status/1804177217754124484?ref_src=twsrc%5Etfw">June 21, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
Accompanying this trend, ETH’s market capitalization and 24-hour trading volume fell by 1.53% and 5.97%, respectively, to $425,200,317,554 and $15,311,427,759. This dip in the trading volume suggests a declining interest among traders. If this bearish momentum persists, the following support to monitor would be $3,460 and $3,440.&nbsp; 
However, bulls would need to close above $3,500 for a bullish reversal. According to <a rel="nofollow" href="https://www.coinglass.com/currencies/ETH">Coinglass</a>, this potential reversal is supported by a slight increase in open interest by 0.78% to $15.79 billion.&nbsp; 
<h2 id="is-eth-price-poised-for-a-bullish-recovery">Is ETH Price Poised For a Bullish Recovery?</h2> 
Despite being bearish in the last 24 hours, Ethereum’s price has been bullish over the previous seven days, rising 3% in anticipation of <a href="https://coingape.com/3-reasons-why-sec-can-approve-spot-ethereum-etf-s-1-filings-by-july-2/">spot Ethereum ETF</a> trading approval. Last week, according to Coingape, Bloomberg analysts updated their approval timeline to July 2.&nbsp; 
Consequently, with the issuers expected to file updates to their spot Ethereum ETF S-1 registration form today, ETH’s bullish momentum may be looming. So far, the issuers that have submitted their S-1 updated filings are <a href="https://coingape.com/breaking-fidelity-investments-files-for-ethereum-spot-etf/">Fidelity Investments</a>, Bitwise, and BlackRock. 
These ETSs are expected to impact the Ethereum price due to the potential of increasing demand for ETH. Moreover, according to a <a rel="nofollow" href="https://k33.com/research/articles/1-million-eth-to-be-absorbed-by-the-etfs">report</a> by K33 research, the ETFs may attract over $4 billion in inflows in the first five months, projecting that the price may hit $5,500 by August.&nbsp;&nbsp; 
<img decoding="async" class="aligncenter wp-image-203701" src="https://coingape.com/wp-content/uploads/2024/06/Screenshot-21.png" alt="" width="689" height="285" srcset="https://coingape.com/wp-content/uploads/2024/06/Screenshot-21.png 924w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-21-300x124.png 300w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-21-768x318.png 768w, https://coingape.com/wp-content/uploads/2024/06/Screenshot-21-150x62.png 150w" sizes="(max-width: 689px) 100vw, 689px"> 
Source: <a rel="nofollow" href="https://coinmarketcap.com/currencies/ethereum/">CoinMarketCap</a> 
In addition, with the <a href="https://coingape.com/xrp-lawsuit-sec-ethereum-investigation-conclusion-bolsters-ripple-position/">SEC</a> having dismissed its 14-month investigation of Ethereum, analysts project that Spot Ethereum ETF trading approval may be imminent. Despite this, Ethereum was exchanging hands at $ $3,477.36, a 1.51% decline from the intra-day high at press time. 
Read Also: <a href="https://coingape.com/9-crucial-ethereum-eth-tailwinds-spotted-by-bitwise-cio/">9 Crucial Ethereum (ETH) Tailwinds Spotted By Bitwise CIO</a> 
The post <a href="https://coingape.com/ethereum-price-drops-below-3500-as-whales-transfer-79m-to-coinbase/">Ethereum Price Drops Below $3,500 as Whales Transfer $79M to Coinbase</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Ethereum Price Drops Below $3,500 as Whales Transfer $79M to Coinbase

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