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Amid declining price performance Ethereum (ETH) In the cryptocurrency market, whales are actively making decisive moves. Recently, an Ethereum whale surprised cryptocurrency exchange Coinbase with a major transfer.
Institutional confidence amid falling prices
According to Pisces Alert Pisces transfer 6,663 ETH worth $22,285,102 from Coinbase to Coinbase Institutional. The move from a retail exchange to a platform that caters to institutional investors indicates continued interest despite the price decline.
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Analysts point out that a transfer could mean an investor or large institution moving money to hold, trade or save it for the long term.
Coinbase Institutional provides services to institutional investors, such as over-the-counter (OTC) trading or secure storage. Thus, the large movement of 6,663 ETH to Coinbase Institutional indicates confidence in Ethereum by major institutional players.
Generally, institutional investors make calculated investments based on well-thought-out metrics, and this conversion may drive the market higher if the driver behind it is focused on custody. As such, this deal is likely to attract the attention of traders and the broader cryptocurrency community.
This is because institutional activity often serves as an indicator of potential future price expectations. Conversely, OTC sales may intensify the current market sell-off.
Future price predictions for Ethereum
As of this writing, the price of ETH commerce for $3,336.35, down 4.22% as the coin struggles amid market volatility. Meanwhile, trading volume also decreased by 9.92% to $19.35 billion. Ethereum has fluctuated significantly in the past seven days, falling to a low of $3,117 in market trading.
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Meanwhile, BlackRock's Ethereum ETF The market has outperformed other players. Data show that the asset manager attracted an inflow of $43.9 million on December 24, bringing its net assets to $3.65 billion.
Despite the downward spiral, analysts remain optimistic about Ethereum rebounding soon. According to U.Today earlier a reportThere are expectations that if ETH can break through the $4,000 level, the altcoin could rally.
In the long term, some analysts expect the likely price level to be $10,000.
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