Ethereum

Based

Million

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The struggles for Ethereum (ETH) have continued as more obstacles have started to emerge. Moreover, we have seen a pattern of notable selling from whales. This trend seems to continue with each passing day, putting more hurdles on the road for a potential Ethereum price rally. The selling pressure is increasing, and the price is continuing its sideways movement.
Earlier today, two major ETH transfers were detected by Whale Alert, a major crypto tracking service. These transactions have caused worry among investors and the broader crypto community. In the&nbsp;<a href="https://x.com/whale_alert/status/1841964495993810989" rel="noopener noreferrer nofollow">first transfer</a>, the whale sent 13,883 ETH from their private wallet to leading U.S. crypto exchange Coinbase.
Based on the ETH price at the time, this transfer is valued around $32.6 million. While Ethereum was still grappling from this major sale, another whale seemingly followed the first sale. In the&nbsp;<a href="https://x.com/whale_alert/status/1842110898531434638" rel="noopener noreferrer nofollow">second transfer</a>, a whale transferred 14,008 ETH from their private wallet to the same exchange, Coinbase.
This transaction is estimated to be worth around $33.39 million. Collectively, the two whales have transferred a whopping 27,891 ETH coins to Coinbase, and the total worth of these coins is around $66 million. These are huge numbers, and these sales have put more pressure on the Ethereum price, which was already struggling.
<h2 dir="ltr" id="ethereum-price-consolidation-continues">Ethereum price consolidation continues</h2>
As of writing this story, ETH is trading at $2,381. Although it has jumped 1.36% in the last 24 hours, it is still trading on the lows compared to the previous levels. The ETH price is down 10.43% in the last seven days, which shows the worrisome situation on the market. Investors have been apprehensive because of this trading pattern.
Consequently, the trading volume of Ethereum is down 24.93% during the same time period. It is currently standing at the&nbsp;$15 billion level. This lack of trading activity and a massive drop in volume clearly indicate that investor sentiment is&nbsp;<a href="https://u.today/ethereum-eth-32-billion-catastrophe-continues-bitcoin-btc-in-limbo-for-200-days-xrp-showed-weirdest" rel="noopener noreferrer nofollow">bearish</a>. The selling activity from whales also reflects this worrisome situation.

Massive $66 Million Ethereum Dump in 24 Hours, What Happened?

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