Ethereum's price has plummeted below $3,500 following significant whale transfers to Coinbase. The market has seen a bearish trend, with the price dropping between $3,536.84 and $3,447.94 over the past 24 hours. This decline is attributed to whales moving a total of $79 million worth of Ethereum coins to Coinbase and Coinbase Institutional.

Whale Alert, a platform tracking large transactions, identified two significant transfers. The first moved 13,166 ETH worth $45.9 million to Coinbase Institutional, while the second transferred 9,485 ETH worth $33.3 million to Coinbase. These large transfers indicate a shift in market sentiment towards the bears, suggesting potential sell-off pressures.

ETH's market capitalization and trading volume have also fallen, with a 1.53% drop in market capitalization to $425.2 billion and a 5.97% dip in trading volume to $15.3 billion. This decline in trading volume suggests a decreasing interest among traders. If this bearish momentum persists, the next support levels to monitor would be $3,460 and $3,440.

However, bulls are hopeful that the price will recover if it closes above $3,500. According to Coinglass, there has been a slight increase in open interest by 0.78% to $15.79 billion. Additionally, the approval of spot Ethereum ETFs could attract over $4 billion in inflows, potentially pushing the price to $5,500 by August.