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Ethereum (ETH) is exploring a reboot from its weeklong bearish drawdown, relying on the power of its ecosystem whales. However, there seems to be a contradictory trend as on-chain data shows that as many as 56,795 Ethereum have moved in and out of Coinbase in 24 hours.

Ethereum whale transfers, What's happening?

Data from crypto analytics platform Whale Alert shows that ETH moved in and out of Coinbase in different tranches, with sell-off fears heightening. The largest of these transactions featured the transfer of 30,020 ETH worth approximately $86,959,077 from an unknown wallet to Coinbase Institutional.

While the actual motive behind any transfer cannot be guessed, this communicates the expectation of a sell-off to observers. This sender has a very tricky track record with Coinbase Prime. The address reportedly converged more than 30,000 ETH over the past six days before eventually transferring them all in one fell swoop.

Besides this, other minor transactions like 7,701 ETH moved in two tranches, and 7,882 ETH were also transferred from Coinbase Institutional to unknown wallets. The impact of these transfers is currently not negative; however, Ethereum's price is yet to reclaim its psychologically important level of $3,000.

At the time of writing, Ethereum is changing hands for $2,977.23, up 2.20% in 24 hours, per data from CoinMarketCap.

Ethereum tipping point

One of the most important tipping points for Ethereum is slated for later this month, the approval or disapproval of the spot ETH ETF product. At the moment, the approval odds for approval of this spot Ethereum (ETF) product come in at 25%, according to Bloomberg analysts.

Ethereum investors might be exercising the necessary caution in order to avoid getting caught up in any bearish fallout from the uncertainty surrounding ETF approval. This largely accounts for why ETH has not traded above the $3,000 price mark since May 10.