Ethereum Whales Dump 56K Coins, Is More ETH Price Correction Ahead?

Ethereum, the second-largest cryptocurrency by market cap, has nabbed significant attention across the global crypto realm as it faces remarkable turbulence amidst the broader crypto market’s flux. Cracking down nearly 4% in the past 24 hours, the ETH price trajectory has raised severe concerns among investors over its action ahead as whale activity hovering over the crypto horizon underscores bearish sentiments.

The narrative of massive whale offloading, with approximately 56,000 ETH moved to exchanges, has sparked concerns over a potential correction for Ethereum ahead. Let’s take a closer look at the token’s on-chain market data.

56K ETH Offloaded Fuels Concerns Among Investors

Intriguingly, data from various on-chain trackers has illuminated substantial whale activity surrounding ETH. In the past 24 hours, a staggering 55,706 ETH, to be precise, was offloaded to one of the world’s leading CEXs. 

To further put this into perspective, Whale Alert’s data reveals that 10,431 ETH, valued at $33.23 million, was transferred to Binance. Moreover, another whale moved 33,383 ETH, worth $106.12 million, to the same CEX, followed by 11,892 ETH, worth $38.07 million, shifted by a whale to the same exchange, again.

These massive Ethereum selloffs have birthed sentiments over a potential correction for Ethereum’s price ahead. Whales’ profit-taking behavior while the post-halving rally is yet to occur further cements the thoughts of this sentiment.

Meanwhile, the token witnesses notable fluctuations, aligning with the broader market’s tendency. It’s worth noting that regulatory uncertainties surrounding Ethereum’s status as a security have further raised eyebrows on the token’s price action

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Ethereum Price Slips

At press time, Ethereum’s price noted a fall of 4.31% in the past 24 hours and is currently trading at $3,157. The turbulent price action illustrated by the token further aligns with the derivatives data, hinting at mixed market sentiments. 

Coinglass highlighted a 4.76% decrease in the ETH token’s open interest, whereas the derivatives volume rocketed 11.00%. Aligning with Ethereum’s recent heightened volatile movement, the derivatives data further point out a mixed sentiment among investors, possibly driven by speculative trading.

Nonetheless, it’s also worth noting that TRON founder Justin Sun recently accumulated staggering amounts of ETH recently, painting an optimistic scenario for the token in the long-run. Crypto market enthusiasts continue to extensively eye Ethereum for any price shifts, underscoring the turbulent nature of the crypto realm.

Also Read: 10 Catalysts Traders Are Watching as Bitcoin Price and Crypto Market Falls Lower

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