Ethereum could see slight increase, institutional whales make hefty deposits on Coinbase.

Ethereum institutional whales have been depositing huge piles of ETH on Coinbase. Ethereum products recorded $14.4 million in outflows last week following increased doubts surrounding spot ETH ETF approval. Ethereum could see a slight increase this week in an attempt to balance a previous market inefficiency. Ethereum sustained its weekend sideways movement on Monday following a quiet market.

As traditional markets open on Monday, ETH appears to continue the horizontal trajectory, hovering just below the $3,000 level. Considering the $3,010 price level is the average purchase price for most short-term holders, it's proving to be a strong support for ETH. ETH/USDT 4-hour chart However, an 11% decrease could cause most short-term holders to panic into selling, potentially triggering a massive sell-off.

Source: News Formal (newsformal.com)

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