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2024

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<p>The post <a href="https://coinpedia.org/news/sell-off-alert-ethereum-whales-begin-dumping-price-could-dip-to-2300/" rel="noopener noreferrer nofollow">Sell-off Alert! Ethereum Whales Begin Dumping – Price Could Dip to $2,300</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In the last few days, the overall cryptocurrency market has been experiencing notable selling pressure, potentially due to the profit booking or the recent Bitcoin (BTC) move by Mt. Gox. Amid this selling pressure, Ethereum (ETH) whales have started dumping significant ETH as reported by Lookonchain.</p>
<h2 class="wp-block-heading" id="h-big-moves-by-ethereum-whales"><strong>Big Moves by Ethereum Whales</strong></h2>
<p>On August 27, 2024, the on-chain analytic firm Lookonchain made several posts on X (Previously Twitter) stating that two Ether Whales have sold 8,208 ETH worth $21.59 million near the $2,630 level. The reason behind this sell-off was to repay debts on Aave and avoid liquidation.&nbsp;</p>
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   <p lang="en" dir="ltr">2 whales sold 8,208 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($21.59M) at $2,630 on-chain and repay debts on <a href="https://twitter.com/hashtag/Aave?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Aave</a> to avoid being liquidated.<br><br>Address:<br>0xbebcf4b70935f029697f39f66f4e5cea315128c3<br>0x1F244e040713B4139B4D98890Db0d2D7D6468de4 <a href="https://t.co/6dx1LBqmxX" rel="noopener noreferrer nofollow">pic.twitter.com/6dx1LBqmxX</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1828452873916817506?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 27, 2024</a>
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<p>Meanwhile, another whale deposited a notable 19,000 ETH worth $49.17 million into the Coinbase cryptocurrency exchange to sell it, according to Lookonchain’s recent post. Additionally, the same whale has deposited 5,145 ETH worth $13.3 million into Binance to sell it.</p>
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   <p lang="en" dir="ltr">Many whales are dumping <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>!<br><br>This whale exchanged 4,591.8 <a href="https://twitter.com/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$stETH</a> directly for 4,589.5 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a> at a loss of 2.3 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($6K) to avoid the long withdrawal process. <br><br>He then deposited all 5,145 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$ETH</a>($13.3M) into <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Binance</a> for sale.<a href="https://t.co/ZaOjHPWH2C" rel="noopener noreferrer nofollow">https://t.co/ZaOjHPWH2C</a><a href="https://t.co/ZNVS1WCtY9" rel="noopener noreferrer nofollow">https://t.co/ZNVS1WCtY9</a> <a href="https://t.co/MutJqBcxdp" rel="noopener noreferrer nofollow">pic.twitter.com/MutJqBcxdp</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1828463496591560942?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">August 27, 2024</a>
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<h3 class="wp-block-heading" id="h-massive-eth-sell-off-continues"><strong>Massive ETH Sell-Off Continues</strong></h3>
<p>Despite the recent dump, on August 26, 2024, whales and institutions like <a href="https://x.com/lookonchain/status/1828087511710941356" target="_blank" rel="noopener noreferrer nofollow">AmberGroup and Cumberland</a> dumped over $60 million worth of ETH. This data shows, that in less than 48 hours, all whales and institutions combined have sold off over $143 million worth of Ethereum, which is enough to create selling pressure in the market.</p>
<h2 class="wp-block-heading" id="h-ethereum-price-prediction-nbsp"><strong>Ethereum Price Prediction&nbsp;</strong></h2>
<p>These notable sell-offs by Whales and institutions have created a massive <a href="https://coinpedia.org/price-analysis/ethereum-sell-off-ahead-institutions-dump-35m-worth-of-eth/" rel="noopener noreferrer nofollow">sell-off in ETH</a>, resulting in the breakdown of the bearish rising wedge price action pattern.&nbsp;</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/08/28024931/ETHUSDT_2024-08-28_02-49-16.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="448" src="https://image.coinpedia.org/wp-content/uploads/2024/08/28024931/ETHUSDT_2024-08-28_02-49-16-1024x448.png" alt="" class="wp-image-343432" srcset="https://image.coinpedia.org/wp-content/uploads/2024/08/28024931/ETHUSDT_2024-08-28_02-49-16-1024x448.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/08/28024931/ETHUSDT_2024-08-28_02-49-16-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/08/28024931/ETHUSDT_2024-08-28_02-49-16-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/08/28024931/ETHUSDT_2024-08-28_02-49-16-1536x672.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/08/28024931/ETHUSDT_2024-08-28_02-49-16-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/08/28024931/ETHUSDT_2024-08-28_02-49-16.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
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  Source: Trading View
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<p>According to expert technical analysis, Ether looks bearish and is currently in a downtrend, as it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. Additionally, it is near a crucial support level of $2,540 level. If ETH fails to hold this level, there is a high possibility it could fall to the next support level of $2,300.</p>
<p>At press time, ETH is trading near the $2,580 level and has experienced a price drop of over 4% in the last 24 hours. Meanwhile, its trading volume has increased by 7.5% during the same period, indicating higher participation from traders amid price decline.</p>

Sell-off Alert! Ethereum Whales Begin Dumping – Price Could Dip to $2,300

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