Today, Ethereum‘s price is showing renewed vigor, but the significant transfers of Ethereum by large investors (whales) to Binance and Coinbase are causing some apprehension about a possible future decline. As per recent updates, these whales have sold approximately $60 million worth of ETH, suggesting that the cryptocurrency could experience bearish trends. On the other hand, others speculate that these investors might be capitalizing on profit-taking chances before the anticipated price increase.
Ethereum Price Likely To Dip Amid Whales’ Massive Dump
22,670 units of Ether have been sold by whales in a recent transaction, prompting some observers to see it as investors cashing out their profits. As reported by Whale Alert, an Ethereum whale with the wallet address “0x435…913ab” – known to be associated with Metalpha via Arkham Intelligence – has transferred 10,000 ETH (worth approximately $26.1 million) to Binance.
At the same time, another whale (with wallet address “0x968…3c625”) transferred 12,675 Ether, approximately $33.10 million, to Coinbase, a popular cryptocurrency exchange. These recent transactions to leading crypto exchanges have sparked worries about a possible drop in the crypto market in the upcoming days.
In a recent update, renowned cryptocurrency analyst Peter Brandt has expressed a bearish outlook for Ethereum prices. He refers to a completed 5-month rectangle formation and an ascending wedge on the daily chart as his reasons. Based on this pattern, he predicts a potential fall in price to around $1651 from the current levels.
Nevertheless, Brandt points out that these patterns may fail over half the time, yet they indicate a potentially risky short opportunity. Furthermore, he mentioned that if ETH surpasses $2961, he plans to terminate the trade.
ETH Soars Defying Market Expectations
Even though investor apprehension is prevalent right now, the second-largest cryptocurrency market value has risen significantly today. However, a recent examination of Ethereum’s price trends suggests that if Ethereum fails to surpass the $2,618 threshold, there’s a possibility it could drop down to approximately $2,190.
Currently, as I write this, Ethereum’s price has climbed by 1.72% to reach approximately $2,609. The one-day trading volume has seen a significant decrease of around 41%, settling at around $9.28 billion. Over the past 24 hours, I’ve noticed that Ethereum dipped to a low of $2,556.22, suggesting the market is experiencing some volatility.
Currently, the latest whale transactions have sparked debates about their possible effects on the cryptocurrency’s value. Yet, considering the decreasing inflation statistics and the current market trends, it seems that investors are placing their wagers on this crypto due to its promising future development prospects.
As an analyst, I’ve noticed a surge in market confidence due to optimism surrounding the potential Ethereum ETF. Notably, Vance Spencer, co-founder of Framework Ventures, has expressed his belief that this Ethereum ETF could potentially attract up to half of the total influx that Bitcoin ETFs have seen.
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2024-08-17 19:04