Inwestowanie.com – Twelve cryptocurrency wallets purchased 156,733 from Coinbase (NASDAQ:) in the last few hours, worth approximately $574 million. This transaction was completed at an average price of $3,664 per Ethereum.

However, despite these purchases, Ethereum’s price has been struggling with corrections that have affected the cryptocurrency market in general.

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Will the price of Ethereum drop by 7%?

According to data from analytics platform Spot On Chain, 11 out of 12 cryptocurrency wallets paid out approximately 13,059 Ethereum. It is worth noting that one of the wallets, 0xdfa, paid out a slightly larger amount, 13,084 Ethereum.

Meanwhile, the supply of Ethereum on cryptocurrency exchanges has fallen significantly, reaching its lowest level in seven years, according to blockchain data from Glassnode. Lark Davis, a seasoned cryptocurrency investor, highlighted this trend.

“The supply of Ethereum on exchanges is at its lowest level in 7 years, therefore the price of Ethereum may increase significantly.”

At the same time, the cryptocurrency community is outraged by the U.S. Securities and Exchange Commission’s (SEC) recent approval of Ethereum ETFs. This development represents a key development in the cryptocurrency market, opening the door to significant potential investment, mirroring the early success seen with ETFs.

Meanwhile, prominent cryptocurrency researcher Bobby Banzai predicts a monthly inflow of $569 million into Ethereum ETFs. Its predictions are based on the performance of international ETFs and futures data from the Chicago Mercantile Exchange.

Despite these positive developments and market optimism, the immediate impact on Ethereum’s price was negative. Following these enormous purchases, Ethereum’s price has dropped by 4.91% in the last 24 hours and is currently trading at around $3,494.18. Spot On Chain attributed this to the possibility that trades from up-to-date wallets could be part of over-the-counter (OTC) trades that do not directly impact the market price. The data analytics platform’s forecast indicates cautious near-term expectations for Ethereum, predicting a potential 7% correction from the current market price.

Nevertheless, Etherum faced challenges on Tuesday as the digital currency market underwent a price correction. If this downward trend continues, Ethereum’s next support level could be at $3,302.

In the last 24 hours it is down about 3%, down about 7% and down about 7%.