Ethereum (ETH) has gained over 17% in price outlook as the coin maintained steady momentum above the $4,000 level. It appears that this bullish performance has sparked profit-taking moves among investors in the ecosystem. As spotted by Whale Alert, an Ethereum whale has sent over $135.3 million worth of ETH to Coinbase Institutional.
Ethereum price patterns fuel profit-taking concerns
According to the transaction details, the transfer came from an unknown wallet. The whale holder moved 31,699 ETH valued at $132,532,058 to Coinbase in a single transaction. The move signals that the holder is looking to offload that massive volume of Ethereum.
Although not all transfers translate to sales, current market conditions make this transfer of concern to community members.
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Notably, ETH’s price is bullish and less than 15% away from setting a new all-time high (ATH). Its current ATH was set as far back as four years ago, when it hit $4,891.70 on Nov. 15, 2021.
According to historical data, the Ethereum price breached $4,000 in December 2024 but could not climb all the way to flip the ATH. The market recorded a correction that plunged the price below $2,000.
It is likely that some market participants and investors are concerned that a repeat could occur, hence the positioning to sell to take profit.
Next price trajectory hinges on market reaction
If market watchers see a pattern in this, it could trigger sell pressure and impact the price of the leading altcoin. This could derail it from setting a new ATH as some are anticipating, given its current bullish rally.
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Ethereum had traded at an intraday peak of $4,348.15 before experiencing a slight decline. As of press time, the Ethereum price was changing hands at $4,295.28, which represents a 1.94% increase in the last 24 hours.
The asset’s next trajectory will depend on how the market reacts to the massive transfer to Coinbase Institutional. With about 97% of Ethereum addresses in profit, investors might continue to accumulate ETH. Such a move could support the asset to continue on its upward trajectory toward a new ATH.
