Ethereum

bullish

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<ul>
 <li><strong>Jump Trading triggers a massive ETH sell-off, heightening bearish sentiment.</strong></li>
 <li><strong>Ethereum’s price struggles, with potential for further declines.</strong></li>
</ul>
<p>Ethereum has been under significant bearish pressure over the past two weeks, with the cryptocurrency hitting a seven-month low of $2,111 recently. Despite a brief recovery, Ethereum’s price currently stands at $2,640, marking a 4% decline amid decreasing trading volume. The second-largest cryptocurrency continues to face intense selling pressure.</p>
<p>The bearish sentiment is largely driven by actions from Jump Trading, a prominent market maker and trading firm. According to blockchain analyst Lookonchain, Jump Trading <a href="https://x.com/lookonchain/status/1823633235466969440" target="_blank" rel="noopener noreferrer nofollow">moved</a> 17,049 ETH, valued at approximately $46.44 million, in anticipation of a sell-off. This Ether was withdrawn from the liquid staking protocol Lido and subsequently transferred out for sale. The firm still holds 21,394 ETH, worth about $68.58 million, as the sell-off reportedly gains momentum.</p>
<p>On August 14, Jump Trading’s wallet began the Lido withdrawal process at 7:47 am UTC, following a period of dormancy since August 9. Etherscan data reveals a consistent pattern of ETH being moved out in batches, indicating a methodical approach to selling.</p>
<p>In the past 24 hours, other significant Ethereum transactions have been recorded. Whales have been active, with 12,248 <a href="https://thenewscrypto.com/ethereum-climbs-5-despite-major-sell-off-preparations/" target="_blank" rel="noopener noreferrer nofollow">ETH</a>, worth approximately $32.13 million, transferred from an unknown wallet to Coinbase. Additionally, 41,600 ETH, valued at $109.19 million, was moved from <a href="https://thenewscrypto.com/binance-resumes-operations-in-india-with-new-compliance-measures/" target="_blank" rel="noopener noreferrer nofollow">Binance</a> to Binance Beacon Deposit, while another 12,522 ETH, worth $33.28 million, was transferred from an unknown wallet to Coinbase.</p>
<h3 class="wp-block-heading" id="h-can-ethereum-bounce-back">Can Ethereum Bounce Back?</h3>
<p>Chart analysis indicates that Ethereum remains under bearish pressure, with the 9-day EMA at $2,666. The daily <a href="https://in.tradingview.com/chart/EJXIwxE9/?symbol=BINANCE%3AETHUSDT" target="_blank" rel="noopener noreferrer nofollow">RSI</a> further confirms the bearish sentiment, currently sitting at 39.&nbsp;</p>
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<p>If bullish momentum returns, Ethereum could rise to $2,888 or even $3,050. However, if the bearish trend persists, the price could retrace to $2,401 and possibly as low as $2,308.</p>

Can Ethereum Reverse Its Decline Amidst Heavy Selling?

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