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

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 first transfer, 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 second transfer, 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.

Ethereum price consolidation continues

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 $15 billion level. This lack of trading activity and a massive drop in volume clearly indicate that investor sentiment is bearish. The selling activity from whales also reflects this worrisome situation.

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