Ethereum Whale Offloads $26 Million in ETH, Market Watches $2,200 Target
Ethereum, the world’s second-largest cryptocurrency, has entered a phase of consolidation after breaking a bearish rising wedge pattern on a daily timeframe. A significant transfer of ETH to Binance by a crypto whale known as Metalpha has attracted attention in the crypto community. According to on-chain security firm Arkham, Metalpha moved 10,000 ETH valued at $26 million to the Binance exchange, potentially exerting selling pressure.
Despite this substantial token transfer, the Ether whale still possesses a considerable $148.46 million in various cryptocurrencies, including PEPE, WSTETH, aEthwstETH, DAI, and WBETH, among others.
In terms of Ethereum’s price prediction, expert technical analysis indicates a downtrend since the start of August 2024. Moreover, ETH is currently trading below the 200 Exponential Moving Average (EMA) on a daily basis. The recent breakdown of the rising wedge pattern suggests a potential 15% decline to $2,200 in the near future.
Renowned trader Peter Brandt has shared a bearish perspective on ETH, foreseeing a possible drop to the $1,600 level. The prevailing bearish market sentiment, coupled with the recent price action and significant token transfer, has intensified the bearish outlook for Ethereum.
Although Ether has encountered a notable dump, it is presently hovering around the $2,610 mark, reflecting a 1.2% price increase in the last 24 hours. However, trading volume has decreased by 47%, indicating reduced trader participation in the volatile market. Additionally, ETH’s open interest has remained steady, suggesting limited investor interest amid the ongoing selling pressure.
In conclusion, Ethereum’s recent price movements, including the whale’s token transfer and expert predictions, point towards a challenging period for the cryptocurrency. Traders and investors are closely monitoring the market dynamics to gauge the potential impact on Ethereum’s value in the coming days.
