Ethereum has made an underwhelming start to August, with ETH price dipping below the $1,850 support level on Wednesday. Ethereum now potentially faces more August headwinds amid mystery whale inflows into exchanges and a decline in ETH 2.0 staking.  

Heading into August 2023, Ethereum price action has left much to desire for bullish ETH holders. Barely three days into the month, ETH price is already down 2%, losing the critical $1,850 support. 

On-chain analysis reveals critical bearish indicators that could see ETH face turbulent headwinds in August. 

Mystery Whale Sends $74 Million to Coinbase

According to Whale-Alert.io —an on-chain tracker tool that reports notable large transactions, a mystery ETH whale has been making some potential bearish moves.

On August 2, an unknown whale was spotted moving 19,789 ETH worth $36.4 million into a Coinbase exchange wallet. 

A deeper inquest into the unknown whale’s recent transactions via Arkham Intelligence reveals a more worrying trend. Two weeks ago, the whales had moved $37 million worth of ETH to Coinbase, split across 10 separate transactions. 

Notably, Coinbase currently offers an estimated APY rate of 4.95% on Ethereum staking. Optimistic Ethereum investors suggested that the whale could be looking to take advantage of the prime passive income opportunity. 

However, the initial market reaction did not reflect that bullish sentiment. Instead, barely 24 hours after the transaction was confirmed, ETH price slid

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Author: Ibrahim Ajibade

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