Amid the Declining Price Performance of Ethereum (ETH) on the Cryptocurrency Market, Whales Are Actively Making Decisive Moves

According to Whale Alert, the whale transferred 6,663 ETH worth $22,285,102 from Coinbase to Coinbase Institutional.

Amid declining Ethereum (ETH) price performance on the cryptocurrency market,🐋 whales are making decisive moves. Recently, an Ethereum whale made a stunning move on the crypto exchange Coinbase with a major transfer.

Institutions show confidence as prices drop

Whale Alert reports that a whale transferred 6,663 ETH, valued at $22,285,102, from Coinbase to Coinbase Institutional. This move, from a retail exchange to a platform catering to institutional investors, signals continued interest despite the declining price.

According to analysts, this transfer could indicate that a large investor or institution is shifting funds for long-term holding, trading or custody.

Coinbase Institutional provides services for institutional investors, including over-the-counter (OTC) trades and secure storage. As a result, the large-scale movement of 6,663 ETH to Coinbase Institutional suggests that major institutional players have confidence in Ethereum.

Since institutional investors typically make calculated investments based on well-researched metrics, this transfer could trigger a market rally if its purpose is custody. Hence, this transaction is bound to attract the attention of traders and the crypto community at large.

This is because institutional activity often serves as an indicator of the likely future price outlook. On the other hand, OTC sales might contribute to the current sell-off in the market.

Future price projections for Ethereum

At the time of writing, the price of ETH is $3,336.35, indicating a decrease of 4.22% as the coin struggles amid market volatility. In the same vein, the trading volume also dropped by 9.92% to reach $19.35 billion. Over the past seven days, Ethereum has fluctuated significantly, dipping to a low of $3,117 in the market trading.

Meanwhile, in the Ethereum ETF market, BlackRock’s fund outperformed others. According to data, the asset manager attracted a $43.9 million inflow on Dec. 24, bringing its net assets to $3.65 billion.

Despite the downward spiral, analysts remain optimistic about Ethereum’s rebound soon. According to an earlier U.Today report, some predict that if ETH can breach its $4,000 level, the altcoin can push higher.

In the long term, some analysts have projected $10,000 as a possible price level