Ethereum’s Value at Risk of Decline amid Market Uncertainty
Ethereum’s price is facing potential downward pressure as recent activities by major investors are causing concerns about a possible decline in the cryptocurrency’s value. Large investors, known as whales, have reportedly offloaded a substantial amount of ETH on prominent crypto platforms like Binance and Coinbase, hinting at looming market stress and a potential price decrease.
Reports suggest that whales have moved approximately $60 million worth of ETH to exchanges, a move that could have a significant impact on Ethereum’s price in the days ahead. One whale, identified by the wallet address starting with “0x435…913ab,” sold 10,000 ETH valued at around $26.1 million on Binance. This address, as disclosed by Arkham Intelligence, is associated with the Gnosis Safe Proxy wallet linked to the company Metalpha.
Another significant player, holding a wallet with the address “0x968…3c625,” transferred 12,675 ETH valued at about $33.10 million to Coinbase. These transactions have sparked worry among market participants who fear that these sales could trigger another downturn in Ethereum’s price.
Meanwhile, renowned crypto analyst Peter Brandt has issued a bearish prediction for Ethereum’s price. In a recent post on the social platform X (formerly Twitter), he highlighted the completion of a 5-month rectangle pattern and the emergence of a rising wedge on the intraday chart. Brandt believes these signals could indicate a potential drop in price to $1,651, significantly lower than current levels. However, he cautioned that chart patterns do not always materialize, with a failure rate exceeding 50%. Despite this, he views the current scenario as an opportunity for a high-risk short trade, mentioning that he would close the position if ETH surpasses $2,961.
Given these developments, the Ethereum market is closely monitored by analysts and investors. Expectations of increased volatility in the near future could present new opportunities for investors alongside notable risks.
