As a seasoned crypto investor with years of experience in this volatile market, I have witnessed numerous events that have significantly impacted the price of various digital assets, including Ethereum. The recent development at WazirX exchange, where a hacker accumulated $201.67 million in Ethereum, has once again put the community on edge.
The Ethereum price outlook indicates that the cryptocurrency did not make any significant progress in the previous day. This situation arises as the WazirX hacker transformed his stolen funds into Ethereum. At around 2:53 a.m. UTC, the assailant had amassed approximately $201.67 million worth of ETH. Should the attacker, who investigator ZachXBT speculates could be associated with Lazarus Group, decide to offload his Ethereum, what potential consequences might ensue for the market?
Ethereum Price Forecast: Can $200M ETH Dump Upstage ETF Launch in 3 Days?
The Ethereum price projection continues to hold steady despite the thief amassing the swiped crypto into Ethereum on WazirX. This may be due to the Ethereum blockchain being the most fluid and adaptable market. In the 4-hour chart, the ETH/USD value is trading above both the 50-day and 200-day simple moving averages, indicating that the bullish trend is still in progress.
The price action of Ethereum (ETH) has formed a symmetric triangle, which is considered a bullish pattern known as a pennant in technical analysis. This formation indicates that ETH’s price may continue moving within this market structure throughout the upcoming weekend and into next week.
The technical analysis reveals signs of vulnerability in Ethereum’s bullish trend, yet the overall forecast maintains a positive outlook.
On July 15, the relative strength index (RSI) for Ethereum reached a level of 60.68. Following this peak, there was a noticeable decline. At present, the RSI is close to its moving average, which could potentially function as a support level and facilitate an upward correction. The current RSI value of 57.49 indicates that Ethereum’s bullish trend is losing momentum. The chaikin money flow (CMF) indicator, situated just above the zero line, echoes this observation, suggesting a decrease in buying pressure.
The forecast for Ethereum’s price indicates a potential rebound between $3,400 and $3,500 during the weekend. A breach above the symmetrical triangle could lead to a significant surge of approximately 18%, taking the value up to $4,100. On the other hand, the Ethereum price might encounter support near $3,300.
ETH ETF vs Sell-Off: Which Will Take the Day?
The motives of the WazirX hacker regarding the stolen Ethereum are unclear at this point in time. Yet, there’s a strong possibility that the cybercriminal could sell off their ill-gotten gains in the market without warning. This revelation follows the announcement of the upcoming Ethereum ETF launch on July 23.
On Wednesdays final drafts of S-1 filings were submitted by ETF issuers, with Grayscale boasting the highest fees. But, in a surprising turn of events, on Fridays market news, Grayscale lowered its starting fee to 0.15%, making it now the most affordable option and undercutting Franklin Templeton’s 0.19%.
Bottom Line
As an analyst, I’m closely monitoring the crypto market, which is currently showing signs of tension due to the impending sell-off of approximately $202 million in Ethereum by the WazirX hacker. This large volume of ETH entering the market could have a profound impact on Ethereum’s price forecast, potentially leading to a downturn that might overshadow the highly anticipated Ethereum ETF launch and even contribute to a broader market crash.
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2024-07-19 10:24