• Ethereum (ETH) has been trading in a bearish zone and recently experienced a massive downtrend.
• A whale transfer of 24,000 ETH was recorded on the crypto exchange OKX.
• The daily trading volume of ETH surged 80% after the whale transactions, but there was no notable increase in the price of ETH.

Ethereum Struggles to Gain Momentum

Ethereum (ETH), the second-largest cryptocurrency, has been trapped in a bearish zone as its current price is below the 50-day exponential moving average (50 EMA). Meanwhile, Ether whales have been executing huge transactions on leading crypto exchanges such as Coinbase and OKX in the last 24 hours.

Whale Moves 24K ETH to OKX

Whale Alert, a blockchain tracker and analytics firm, reported a whale transaction of 24,000 ETH, worth 39,618,881 USD, from an unknown wallet to the crypto exchange OKX. Following this 10-hour-old transaction, an anonymous whale accumulated the same amount of ETH from OKX. Similarly, seventeen hours ago another whale dumped nearly 21,299 ETH to Coinbase exchange.

Price of Ethereum Remains Unchanged

At the time of writing Ethereum (ETH) traded at $1,655 with a short uptick of over 0.35% in the last 24 hours but reflected no notable gains or losses due to these whale activities. However it caused daily trading volume of ETH to display a surge of over 80%. According to CoinMarketCap data it spiked up to $4.09 billion.

Will Ethereum Break Bearish Momentum?

Ethereum continues with its bearish trend as it fails to break through key resistances levels between $1600 and $1700 over past few weeks . If current trend reverses then there might be chances for bullish rally toward resistance level of $1800 however if downtrend persists then it could go below support level at $1600 . In worst case scenario bears might drive it below $1540 .

Conclusion

The recent breakout at $1576 on August 17 might have influenced market sentiment which could decide further direction for Ethereum’s (ETH)price . Do you think that ETH will break bearish momentum soon ?