Ethereum Fails to Gain Momentum as Whales Move 300K ETH to Coinbase

• A total of 300,000 Ethereum (ETH) has been moved from two unknown wallets to Coinbase.
• ETH trading volume has experienced a surge of 31.08% in the last 24 hours.

Ethereum (ETH), the second-largest cryptocurrency, experienced a massive downtrend over the past few weeks, along with the entire crypto market. Despite the recent substantial decline in the crypto market, two wallets have made significant transactions to the major crypto exchange, Coinbase. According to Whale Alert’s data, these transactions are valued at over 300,000 ETH, equivalent to approximately $488 million.

On September 5, Whale Alert, the crypto transaction analyzer, disclosed a transfer of 300,000 ETH, worth over $488 million, from two unknown wallet addresses to the cryptocurrency exchange Coinbase. Notably, these two wallet addresses are Coinbase cold wallets. Following the substantial transfer to the Coinbase cold wallets, the funds later distributed across multiple wallet addresses, totaling 4,282 ETH per transaction.

In addition, an unknown wallet transferred 21,000 ETH, worth around 34,080,667 USD, to the leading crypto exchange OKX. With the continuous whale transactions, Ethereum expected to show a surge. However, the leading altcoin continued its downtrend. 

Ethereum (ETH) Continues its Downtrend

Despite these massive transactions, Ethereum failed to gain momentum. At the time of writing, ETH has been trading at $1,621, with a decline of over 0.87% in the last 24 hours. However, the daily trading volume of ETH has experienced a surge of 31.08%, according to CoinMarketCap.

The daily trading price chart shows that Ethereum maintains its bearish trend as the current price is trading below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) is at 35.38, denoting the largest altcoin’s position on the border of the oversold zone.

If the current trend reverses, ETH may experience bullish momentum to surpass the nearest resistance of $1700. If the momentum continues, it will breach the $1750 range and even advance to surpass the $1800 mark. On the other hand, if ETH fails to overcome the nearest resistance at $1,700, it could face further downward pressure. In such a scenario, the price might decline toward the closest support level at $1,600 and potentially even drop below $1,540.

Do you think ETH will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.