Ethereum (ETH) Value Dips 1.5% Following Significant Whale Transaction on Coinbase: Crypto Market Update

• Ethereum’s price continues to face selling pressure, with analysts predicting a further drop to $2,500 levels before a potential uptrend resumes.
• A massive $12 million worth of Ethereum has been deposited on crypto exchange Coinbase by a whale, while hopes for a spot Ethereum ETF approval by the end of May are dwindling.
• Despite this, the Ethereum community remains hopeful for a price reversal in the near future.

As Ethereum’s price continues to face selling pressure, a massive $12 million deposit on Coinbase sparks speculation. Meanwhile, hopes for a spot Ethereum ETF approval by the end of May are dwindling.

Ethereum Price Faces Selling Pressure

Ethereum, the world’s second-largest cryptocurrency, has lost another 1.5% in the last 24 hours, slipping to $2,884 levels. This extends its weekly losses to 8%. Analysts predict a further drop to $2,500 levels before a potential uptrend resumes.

Massive Ethereum Deposit on Coinbase

An early Ethereum holder, identified as 0x2ce, has deposited a substantial amount of 4,153 ETH, equivalent to $12.2 million, into Coinbase at a price of $2,931 per ETH. This follows a pattern of previous movements by the whale, who has been actively depositing ETH into Coinbase and Luno since 2021, totaling 9,436 ETH at an average price of $2,245 per ETH, amounting to $21.2 million. The current holding of 0x2ce stands at 2,566 ETH, valued at $7.48 million.

Spot Ethereum ETF Approval Unlikely

Investors had pinned their hopes on the arrival of the spot Ethereum ETF by May end. However, market analysts have been stating that the odds of such approval remain very slim. Senior Bloomberg analyst Eric Balchunas stated that the chances of spot Ethereum ETF approval by the U.S. SEC seem to be very slim with no potential interactions between the issues and the SEC. The upcoming U.S. election in November could impact SEC leadership, potentially resulting in a more crypto-friendly chair if Donald Trump secures a second term.

Conclusion

Despite the ongoing selling pressure and dwindling hopes for a spot Ethereum ETF approval, the Ethereum community remains hopeful for a price reversal in the near future. The massive deposit by an Ethereum whale on Coinbase has sparked speculation and interest in the cryptocurrency’s future movements.