Ethereum

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<ul>
 <li>Ethereum token witnessed several whale movements in the past 24 hours.&nbsp;</li>
 <li>The altcoin’s daily trading volume surged 17.44% as per CMC data.</li>
</ul>
Leading altcoin Ethereum has witnessed several whale movements in the past 24 hours. While the token’s price has consolidated at the $2.6K level, particular community members were observed selling ETH tokens. Meanwhile, the overall cryptocurrency market has shown positive momentum with Bitcoin and other altcoins showing modest price increases.&nbsp;
Notably, the second largest altcoin, Solana, has returned to its previous price levels similar to Bitcoin. On the other hand, Ethereum showed a mild dip of 1.23% over the last 24 hours. In the late Asian hours of August 12, ETH traded at $2,682, after which it attempted to surpass $2.6K.&nbsp;
Subsequently, at the day’s beginning, Ethereum hit a weekly high of $2,749, before residing to current levels. At the time of writing, ETH was trading at $2,642 according to CMC <a href="https://coinmarketcap.com/currencies/ethereum/" target="_blank" rel="noopener noreferrer nofollow">data</a>. Additionally, the token’s daily trading volume surged 17.44%.&nbsp;
Zooming out, over the past week, the token shows a price performance of 7.09% increase after the previous dips. Despite the price recovery, Ethereum has shown repeated action of returning to the $2.6K level, struggling to break the resistance level.&nbsp;
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Moreover, the token’s RSI stands at 40.11 indicating a consistent selling sentiment among investors according to TradingView <a href="https://in.tradingview.com/symbols/ETHUSDT/?exchange=BINANCE" target="_blank" rel="noopener noreferrer nofollow">reports</a>. Additionally, the token’s long-term 21-day MA stands above the short-term 9-day MA highlighting the current bearish trend. Meanwhile, as aforementioned, the altcoin witnessed key whale movements in the past day.&nbsp;
<h3 class="wp-block-heading" id="h-are-ethereum-eth-whales-initiating-major-selloffs-nbsp">Are Ethereum (ETH) Whales Initiating Major Selloffs?&nbsp;</h3>
Tron Network founder, Justin Sen was observed transferring ETH tokens from his wallet to the Aave Network and Poloniex exchange wallets 4 hours ago. Additionally, crypto investment firm Block Tower Capital sold 9,232 ETH tokens to four different institutions.&nbsp;
Additionally, according to WhaleAlert reports, particular whales were observed dumping ETH tokens onto the <a href="https://thenewscrypto.com/coinbase-seeks-court-action-over-secs-withheld-documents/" target="_blank" rel="noopener noreferrer nofollow">Coinbase</a> exchange. These whale movements have caused the ETH market sentiment to lean towards selling pressures despite price recovery.&nbsp;
Meanwhile, the US <a href="https://thenewscrypto.com/spot-eth-etfs-record-first-positive-weekly-inflows-amid-price-struggles/" target="_blank" rel="noopener noreferrer nofollow">spot ETH ETFs</a> recorded positive weekly inflows for the first time last week. The digital assets were initially expected to propel a bull run in Ethereum causing it to hit new PATH. However, contrary to market expectations, the spot ETFs failed to instigate price breakouts in the altcoin.&nbsp;

Ethereum Price Struggles to Surpass $2.6K Amid Whale Selloffs

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