Ethereum, the leading altcoin, has been making headlines with its turbulent price movements in the last 24 hours. The sudden surge in whale activity has sparked market speculation, with over 150,000 ETH transferred between exchanges. This significant movement has led to mixed sentiments about Ethereum's future price trajectory.

According to Whale Alert, 151,593 ETH were transferred by whales in the last 24 hours, indicating both confidence and caution among large-scale investors. A notable deposit of 1,700 ETH to Coinbase from a smart money address starting with 0x493 has also been detected. Smart money addresses are known for their consistent gains in the cryptocurrency market.

Despite this, Ethereum is struggling to maintain its strength, with its price dropping by 1.85% in the last 24 hours. The altcoin's market value has decreased by 1.86%, and its trading volume has dropped by 16.90% during the same period. The derivatives side shows a 0.12% increase in open interest, while trading volume has decreased by 24.19%, potentially fueling the price volatility.

Regulatory uncertainty surrounding Ethereum's classification as a security and the likelihood of a spot Ethereum ETF approval in the US is adding pressure to the altcoin's market position. Experts warn that Ethereum's price may fall below the $3,000 threshold if these uncertainties persist.