The transfer of a significant amount of Ethereum to Coinbase has drawn market attention, as traders discuss potential implications.
Large ETH Transfer
According to Whale Alert, an anonymous wallet transferred 31,699 ETH, approximately $132.53 million, to Coinbase Institutional in a single transaction. This decision came on the heels of Ethereum's more than 17% increase and trading above $4,000.
Historical Precedents and Concerns
Ethereum's performance has drawn comparisons to December 2024, when the price briefly crossed $4,000 but failed to reach new highs. That rally ended in a sharp correction, with prices plunging below $2,000 in the months that followed. Such similarities in price action have already prompted some investors to take early profits to prevent a potential repeat.
Current Market Situation
ETH reached an intraday high of $4,348.15 before easing slightly. Latest figures show the price at $4,295.28, reflecting a 1.94% gain over the past 24 hours. This gradual rise has left sentiment mixed, as bullish traders anticipate a breakout while cautious investors brace against potential downside pressure.
For now, Ethereum remains at a pivotal point, balancing strong bullish energy with the risk of increased sell pressure.
