- A whale transferred 34,044 ETH worth $65.4 million to Binance in a single transaction.
- The whale exchanged 23.96M USDC for 15,551 ETH during the USDC de-pegging event.
- Before FTX suspended withdrawals, the whale withdrew all assets from its wallets.
The massive $65.4 million Ethereum (ETH) transfer by a whale was recently seen on the blockchain, with the funds being transferred to the Binance exchange in one single transaction. This triggered speculation that the whale may have been selling off its ETH holdings. During this same period of time, an additional 23.96M USDC was exchanged for 15,551 ETH, likely related to the USDC de-pegging event.
Prior to FTX suspending withdrawals from its platform, the whale had already withdrawn all of its assets from its wallets. This indicates that the whale was likely aware of potential issues with FTX and acted accordingly in order to protect their funds. It remains unclear the exact motives behind the whale’s transactions, but this highlights the importance of staying up-to-date on crypto news to ensure one’s funds remain safe.
Ethereum Price Analysis
The latest Ethereum price analysis shows a bearish trend as the bears were able to push the price of ETH below $2,000 a few days ago. The Bears have outplayed the Bulls again in dropping ETH further toward the $1,800 mark. ETH/USD is currently exchanging hands at $1,859 after a minor bounce from the support level and has seen a decrease of 3.14% in the past 24 hours.
Ethereum has been struggling to maintain its recent gains above this crucial support level and it is likely that further bearish pressure will continue if this trend persists. The immediate support level is around $1,827 and if this fails to hold then further losses may be seen in the near term. Strong resistance at the $2,000 level should be expected if buyers don’t regain their foothold soon, and the current bearish sentiment could lead to a retest below the $1,800 level.
Overall, the Crypto market is under bearish pressure as most of the tokens are trading in the red. Bitcoin the leading coin has not been able to recover above the $30k mark after the bearish pressure of the past few days. Ethereum’s ability to stay afloat and above its key support levels will be crucial if it is to make a comeback in the near term.
The 24-hour chart for Ethereum displays bearish momentum as ETH is trading on a descending channel. The 200-day moving average (MA) is above the price, indicating that the bulls need to take control of the current market sentiment. If we see a break out of this channel to the upside then we could see bulls regain their strength and push Ethereum back toward $2,000 again.
The Moving Average Convergence Divergence (MACD) indicator confirms the bearish sentiment as the MACD line has sharply dipped and made a crossover below the signal line. The red bars are developing in the histogram, indicating that the bearish pressure is still strong.
The Relative Strength Index (RSI) is currently at 45.48 just above the oversold zone and if this continues, it could show that buyers are starting to gain traction in the market again. A retrace toward the neutral level of 50 would be a bullish comeback sign.
In conclusion, Ethereum is struggling to maintain its key support levels and the overall market sentiment remains bearish. Ethereum’s current price action is bearish and further losses could be expected if the bears continue to control the momentum. Traders must remain vigilant and exercise caution when trading crypto assets to ensure that their funds remain safe.
Disclaimer: Cryptocurrency price is highly speculative and volatile, and should not be considered financial advice. Past and current performance is not indicative of future results. Always do your own research and consult with a financial advisor before making investment decisions.