The recent bear market has caused fear among Ethereum investors, leading to high selling pressure and a drop in the price of ETH. Now, Ethereum whales are also joining in, as two transactions totaling 300,000 ETH were sent to centralized exchange Coinbase. This equates to $486 million worth of ETH being moved.
Typically, coins being transferred to centralized exchanges could indicate sell-offs by large investors. However, the price of Ethereum has not experienced a significant decline following these transactions, leaving uncertainty about the intentions of the whales.
The selling pressure on Ethereum can be attributed to the overall negative sentiment in the market, with the Crypto Fear & Greed Index moving into the fear territory. Despite the bearish momentum, there is hope for a potential recovery, as low indicators often act as a bounce-off point for a rally. This could potentially push the price of ETH back above $1,700.
It remains to be seen what the future holds for Ethereum, but the activity of whales and the overall market sentiment indicate a cautious outlook for the digital asset in the short term.
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