The cryptocurrency market is buzzing with activity as Ethereum, the world’s second-largest cryptocurrency, faces a sell-off alert. A crypto whale known as Metalpha has made a significant move by dumping $26 million worth of ETH on the Binance exchange, causing a stir among investors and enthusiasts.
Despite offloading a substantial amount of ETH, Metalpha still holds a hefty $148.46 million in various cryptocurrencies, showcasing the whale’s diverse portfolio. This massive token transfer has raised concerns about potential selling pressure in the market, leading to speculation about the future price movement of Ethereum.
Expert technical analysis suggests that ETH has been on a downtrend since August 2024 and is currently trading below the 200 Exponential Moving Average (EMA) on a daily time frame. With the recent breakdown of a bearish rising wedge pattern, there is a high likelihood that Ethereum could drop by 15% to $2,200 in the near future.
Renowned trader Peter Brandt has also shared a bearish outlook for ETH, predicting a potential fall to the $1,600 level. The combination of bearish market sentiment, the current price action pattern, and the significant dump by Metalpha has intensified the bearish sentiment surrounding Ethereum.
Despite the sell-off alert, Ethereum is currently trading around the $2,610 level, experiencing a modest 1.2% price surge in the last 24 hours. However, trading volume has decreased by 47%, indicating lower participation from traders amidst the ongoing volatility. Additionally, ETH’s open interest has remained stable, suggesting limited investor interest in the face of selling pressure.
As the market closely monitors Ethereum’s price movements and the impact of Metalpha’s dump, all eyes are on the $2,200 level as a potential target for the cryptocurrency’s price in the coming days. Stay tuned for more updates on this developing story in the cryptocurrency world.
