A total of 300,000 Ethereum was transferred to Coinbase from two unknown wallets. ETH trading volume increased by 31.08% in the last 24 hours. The second largest cryptocurrency, Ethereum (ETH), has experienced a huge drop in recent weeks, as has the entire crypto market. Despite the recent major decline in the crypto market, two wallets have made important transactions for major crypto exchange Coinbase. According to Whale Alert, these transactions are worth more than 300,000 ETH, which equates to about $488 million. On September 5, crypto event analyzer Whale Alert discovered 300,000 ETH worth more than $488 million from two unknown wallet addresses to the cryptocurrency exchange Coinbase. In particular, these two wallet addresses are Coinbase cold wallets. After a large transfer to Coinbase’s cold wallets, the funds were later distributed to multiple wallet addresses, totaling 4,282 ETH per transaction. In addition, an unknown wallet transferred 21,000 ETH worth approximately $34,080,667 to the leading crypto exchange OKX. With continued whale transactions, Ethereum is expected to grow. However, the main altcoin continued its decline. Ethereum (ETH) continues its downward trend Despite these huge transactions, Ethereum has not gained momentum. At the time of writing, ETH is trading at $1,621, down more than 0.87% in the last 24 hours. However, according to CoinMarketCap, ETH’s daily trading volume increased by 31.08 percent. Ethereum (ETH) Daily Trading Price Chart (Source: TradingView) The daily trading price chart shows that Ethereum is maintaining its downtrend as the current price is below the 50-day exponential moving average (50 EMA). At the same time, the daily Relative Strength Index (RSI) is at 35.38, which shows the position of the largest altcoin on the border of oversold territory. If the current trend reverses, ETH may experience a surge to break through the nearest $1,700 resistance. If the momentum continues, it will cross the $1,750 mark and even the $1,800 mark. On the other hand, if ETH fails to clear the nearest resistance at $1,700, it may face further downward pressure. In such a scenario, the price could fall to the nearest support level of $1,600 and possibly even below $1,540.