• Price of Ethereum (ETH) continues to consolidate within the $1600 range.
• The trading volume of ETH surged 27.67% in the last 24 hours.
• A whale transfer of 24,000 ETH, worth $39.6 million, was recorded on the crypto exchange OKX.

Ethereum (ETH), the second-largest cryptocurrency, experienced a massive downtrend over the past few weeks, failing to break through its key resistances. Meanwhile, Ether whales have been executing huge transactions on leading crypto exchanges such as Coinbase and OKX in the last 24 hours.

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 4-hour-old transaction, an anonymous whale accumulated the same amount of ETH from OKX. Similarly, eleven hours ago, a massive ETH whale dumped nearly 21,299 ETH to the Coinbase exchange.

Is Ethereum (ETH) Price Reacting to These Whales?

At the time of writing, Ethereum (ETH) traded at $1,648, with a decline of over 0.52% in the last 24 hours. Even after the whale transactions, the ETH price reflected no notable gains or losses. However, a set of whale transactions led the daily trading volume of ETH to display a surge of over 28%. According to CoinMarketCap data, the trading volume spiked to $3.14 billion.

The daily price chart shows that Ethereum continues to be trapped in the bearish zone as its current price was below the 50-day exponential moving average (50 EMA). Meanwhile, the daily relative strength index (RSI) at 30.53 denoted the largest altcoin’s position on the border of the oversold zone. 

Ethereum has been trading between $1600 and $1700 over the past few weeks. If the current trend reverses, ETH will experience a bullish rally toward a resistance level of $1800. On the other hand, there might also be a possibility of ETH experiencing a further downtrend. If it occurs, the price would breach the nearest support level of $1600. In a worst-case scenario, bears could potentially drive it below $1540, particularly if the recent breakout at $1576 on August 17 has influenced market sentiment.

Do you think ETH will break the bearish momentum soon? Tweet to us at @The_NewsCrypto and let us know your thoughts.

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• Source: https://thenewscrypto.com/ethereum-struggles-to-gain-momentum-as-whale-moves-24k-eth-to-okx/