Ethereum’s price is approaching a long-term support level, with a potential bounce from the $2.2k mark offering a bullish outlook. However, recent whale activity suggests caution may be warranted.

Just 30 minutes ago, a whale or institutional address, inactive for the past 15 months, transferred all 10,281 ETH (worth approximately $24.7 million) to Coinbase, possibly preparing to liquidate. This ETH was primarily accumulated between 2022 and 2023 from exchanges like FTX US, Gemini, Coinbase, and Kraken at an average price of $1,504. Should the whale decide to sell, they stand to realize a significant profit of $9.23 million.

Ethereum Spot ETF Market Records Notable Net Outflow Of $47 Million 

This whale movement coincides with notable shifts in the Ethereum spot ETF market. On September 3, there was a substantial net outflow of $47.3994 million from Ethereum spot ETFs, reflecting ongoing selling pressure. Grayscale’s ETHE saw an outflow of $52.3103 million, while Fidelity’s FETH recorded an inflow of $4.9109 million, indicating some institutional interest. Despite these outflows, the total net asset value of Ethereum spot ETFs remains substantial, currently standing at $6.758 billion.

As Ethereum approaches this critical support level, the market is closely watching for any signs of a bounce. A rebound from $2.2k could trigger a bullish sentiment, but the recent whale activity and ETF outflows suggest that the market could remain volatile in the near term. Traders and investors will need to monitor these developments carefully as they could signal the next major move for Ethereum.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: Bastian Riccardi on Unsplash // Image Effects by Colorcinch