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<p>The post <a href="https://coinpedia.org/price-analysis/ethereum-sell-off-ahead-institutions-dump-35m-worth-of-eth/" rel="noopener noreferrer nofollow">Ethereum Sell-off Ahead? Institutions Dump $35M Worth of ETH</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>The overall cryptocurrency market is turning red and has experienced a 1.75% downside momentum. Amid this market downturn, institutions are looking to sell their crypto holdings.</p>
<h2 class="wp-block-heading" id="h-institutions-dumped-35m-worth-ether"><strong>Institutions Dumped $35M Worth Ether</strong></h2>
<p>On August 26, 2024, an on-chain analytic firm lookonchain made a post on X (Previously Twitter) that two institutions dumped over 12,882 Ethereum (ETH) worth $35.3 million to centralized exchanges including Binance and Kraken.</p>
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   <p lang="en" dir="ltr">It looks like institutions were selling <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> today!<a href="https://twitter.com/hashtag/AmberGroup?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#AmberGroup</a> deposited 6,443 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($17.62M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> and <a href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Kraken</a> 6 hours ago.<a href="https://twitter.com/hashtag/Cumberland?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Cumberland</a> deposited 6,439 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($17.66M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> 3 hours ago.<br><br>Address:<br>0xEc9fC235A8064698A2533c2D489DEFF4fBA8226B… <a href="https://t.co/PO2DzPxcWp" rel="noopener noreferrer nofollow">pic.twitter.com/PO2DzPxcWp</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1828087511710941356?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 26, 2024</a>
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<p>According to lookonchain, Amber Group and Cumberland are the institutions that dumped Ethereum. Data shows that Amber Group moved 6,443 ETH worth $17.62 million to Binance and Kraken, while Cumberland deposited 6,439 ETH worth $17.99 million to Binance.</p>
<p>These notable ETH dumps to the CEXs indicate potential upcoming selling pressure.&nbsp;</p>
<h2 class="wp-block-heading" id="h-ethereum-price-prediction-nbsp"><strong>Ethereum Price Prediction&nbsp;</strong></h2>
<p>According to expert technical analysis, ETH looks bearish as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, it is forming a bearish rising wedge price action pattern and there is a high chance it could soon give a breakout of this pattern.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/26224043/ETHUSDT_2024-08-26_22-40-29-1024x448.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/26224043/ETHUSDT_2024-08-26_22-40-29-1024x448.png" alt="" class="wp-image-342950" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/26224043/ETHUSDT_2024-08-26_22-40-29-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/26224043/ETHUSDT_2024-08-26_22-40-29-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/26224043/ETHUSDT_2024-08-26_22-40-29-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/26224043/ETHUSDT_2024-08-26_22-40-29-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/26224043/ETHUSDT_2024-08-26_22-40-29-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/26224043/ETHUSDT_2024-08-26_22-40-29.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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<p>If the sentiment remains bearish and ETH breaks out and closes a daily candle below the $2,645 level there is a high possibility it could decline by 12% to the $2,310 level.</p>
<h3 class="wp-block-heading" id="h-declining-open-interest"><strong>Declining Open Interest</strong></h3>
<p>Data from the on-chain firm CoinGlass suggests <a href="https://coinpedia.org/news/ethereum-foundations-35k-eth-transfer-sparks-community-speculations-ef-executive-defends/" rel="noopener noreferrer nofollow">institutions</a>‘ and investors’ interests are gradually reducing. ETH’s open interest has dropped by 1% in the past hour and by 2.3% in the last four hours. However, its open interest has remained unchanged over the last 24 hours.&nbsp;</p>
<p>In addition to institutions’ sentiment, traders also look bearish on ETH. Currently, short positions significantly outnumber bullish long positions</p>
<h3 class="wp-block-heading" id="h-key-liquidation-levels"><strong>Key Liquidation Levels</strong></h3>
<p>Based on the ETH exchange liquidation map, the major liquidation levels are near the $2,680 level on the lower side and the $2,775 level on the upper side. Traders are over-leveraged at these levels, according to CoinGlass data.</p>
<p>If the sentiment remains bearish and the price drops to the $2,680 level, nearly $119 million worth of long positions will be liquidated. Conversely, if the sentiment changes and the price soars to the $2,775 level, nearly $289 million worth of short positions will be liquidated.</p>
<p>These data clearly indicate that bears are more active, and these substantial positions may create additional selling pressure.</p>

Ethereum Sell-off Ahead? Institutions Dump $35M Worth of ETH

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