Ethereum, the world’s second-largest cryptocurrency, is consolidating in a tight range after breaking out of a bearish ascending wedge price action pattern on a daily timeframe. During this ongoing consolidation, a crypto whale Metalpha (Gnosis Safe Proxy address) has transferred a significant ETH to Binance.
Ether Whale Sells $26 Million Worth of ETH
According to on-chain security firm Arkham, Metalpha recently transferred a substantial amount of 10,000 ETH worth $26 million to the Binance cryptocurrency exchange. This massive token transfer has gained a lot of attention from crypto enthusiasts and could create selling pressure.
Despite a notable token dump, the Ether whale still holds a significant $148.46 million worth of cryptocurrencies. Its holdings include PEPE, WSTETH, aEthwstETH, DAI, WBETH, and many more.
Ethereum Price Prediction
According to experts’ technical analysis, ETH has been in a downtrend since early August 2024. Moreover, it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. With the recent breakdown of the ascending wedge price action pattern, there is a high possibility that ETH may drop by 15% to $2,200 in the coming days.
However, veteran trader Peter Brandt has already shared a bearish outlook for ETH. According to his latest post, there is a high chance that ETH could drop towards the $1,600 level. Meanwhile, the bearish market sentiment, current price action pattern, and significant dump have made ETH extremely bearish.
Ether Price Analysis
Despite the massive dump, Ether is currently trading around the $2,610 level and has seen a 1.2% price increase over the past 24 hours. Meanwhile, the trading volume has dropped by 47%, indicating lower participation from traders in this highly volatile market. Moreover, ETH’s open interest has remained stable over the past 24 hours, suggesting that there is no significant interest from investors amid the ongoing selling pressure.
