Ethereum Under Pressure! Expert Bearish Outlook, Eyes on $2,200

WazirX Hacker Moves Millions of ETH

The security firm also noted that the operator is still in the process of transferring more ETH to TornadoCash. Currently, this operator has 12,290 ETH in two separate wallets. In the first wallet address, “0x2d29,” they have 2,000 ETH worth almost $4 million, and in another wallet address, “0x58D,” they have 10,290 ETH worth $24 million.

Major Steps by the Ethereum Foundation

Additionally, the Ethereum Foundation sold 100 ETH for $241,000 DAI via decentralized exchanges. However, they also dumped 35,000 ETH worth $94 million to Kraken on August 24, 2024, which was their largest ETH dump.

These recent transfers of millions of ETH by the operator and the Foundation could affect the ETH price. Currently, the market is quite sensitive as investors and traders have liquidated millions of their assets in panic.

Ethereum Technical Analysis and Upcoming Level

According to expert technical analysis, ETH seems bearish. If it closes a daily candle below the $2,400 level, there is a high chance that it may drop to the $2,200 level or even lower. However, the Relative Strength Index (RSI) is in the oversold territory, which indicates the possibility of recovery. Given the current market sentiment and whale activity, such a recovery seems quite unlikely.

According to on-chain analytics firm CoinGlass, key liquidation levels are currently around $2,335 on the low end and $2,417 on the high end, as traders are overleveraged at these levels.

At the time of writing, ETH is trading around the $2,370 level and has experienced a price drop of over 3% in the past 24 hours. Meanwhile, the trading volume has dropped by 25% in the same period, indicating lower participation from traders.