Ethereum

Millions

Foundation

WazirX

<p>The post <a href="https://coinpedia.org/news/ethereum-under-pressure-analyst-bearish-outlook-eyes-on-2200/" rel="noopener noreferrer nofollow">Ethereum Under Pressure – Analyst Bearish Outlook, Eyes on $2,200</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>In this ongoing market sell-off, WazirX exploiter and Ethereum foundation have moved millions worth of Ethereum (ETH) and made the sentiment more bearish. Recently, the on-chain security firm CertiK Alert made a post on X (previously Twitter) that the exploiter transferred a significant 3,000 ETH worth $7 million to TornadoCash.</p>
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper">
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><a href="https://twitter.com/hashtag/CertiKInsight?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#CertiKInsight</a> <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f6a8.png" alt="🚨" class="wp-smiley" style="height: 1em; max-height: 1em;"><br><br>Over the course of today, the <a href="https://twitter.com/WazirXIndia?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@WazirXIndia</a> exploiter has transferred 3k ETH (~$7M) to <a href="https://twitter.com/TornadoCash?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@TornadoCash</a> and is continuing to send more ETH as of now.<br><br>0x2d2906f7c8da32e87064d9e71c98f39b2ceba968 still holds 2k ETH (~$4M).<br><br>0x58D3B2fD2Ce20A7149244d7e34D18b9b55448E7a… <a href="https://t.co/wM8izD4G1k" rel="noopener noreferrer nofollow">pic.twitter.com/wM8izD4G1k</a></p>— CertiK Alert (@CertiKAlert) <a href="https://twitter.com/CertiKAlert/status/1831707960570945906?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 5, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
 </div>
</figure>
<h2 class="wp-block-heading" id="h-wazirx-hacker-shifting-millions-of-eth"><strong>WazirX Hacker Shifting Millions of ETH</strong></h2>
<p>The security firm also noted that the exploiter is still in the process of transferring more ETH to TornadoCash. Currently, this exploiter holds 12,290 ETH in two separate wallets. In the first wallet address, “0x2d29,” they hold 2,000 ETH worth nearly $4 million, and in another wallet address, “0x58D,” they hold 10,290 ETH worth $24 million.&nbsp;</p>
<h2 class="wp-block-heading" id="h-ethereum-foundation-s-big-moves"><strong>Ethereum Foundation’s Big Moves</strong></h2>
<p>Additionally, the <a href="https://x.com/EyeOnChain/status/1831638307228315908" target="_blank" rel="noopener noreferrer nofollow">Ethereum Foundation </a>sold 100 ETH for $241,000 DAI through decentralized exchanges. However, they also dumped 35,000 ETH worth $94 million to the Kraken on August 24, 2024, which was their largest ETH dump.</p>
<p>These recent transfers of millions worth of ETH by the exploiter and the Foundation have the potential to impact the <a href="https://coinpedia.org/news/ethereum-price-analysis-key-levels-to-watch-amidst-recent-volatility/" rel="noopener noreferrer nofollow">ETH price</a>. Currently, the market is quite sensitive, as investors and traders have panic-liquidated millions of their assets.</p>
<h2 class="wp-block-heading" id="h-ethereum-technical-analysis-and-upcoming-level"><strong>Ethereum Technical Analysis and Upcoming Level</strong></h2>
<p>According to expert technical analysis, ETH looks bearish. If it closes a daily candle below the $2,400 level, there is a high possibility it could fall to the $2,200 level or even lower. However, the Relative Strength Index (RSI) is in the oversold area, signaling the potential for a recovery. Given the current market sentiment and whale activity, such a recovery seems quite unlikely.</p>
<figure class="wp-block-image size-large"><a href="https://image.coinpedia.org/wp-content/uploads/2024/09/06011941/ETHUSDT_2024-09-06_01-19-26.png" rel="noopener noreferrer nofollow"><img decoding="async" width="1024" height="449" src="https://image.coinpedia.org/wp-content/uploads/2024/09/06011941/ETHUSDT_2024-09-06_01-19-26-1024x449.png" alt="" class="wp-image-347680" srcset="https://image.coinpedia.org/wp-content/uploads/2024/09/06011941/ETHUSDT_2024-09-06_01-19-26-1024x449.png 1024w, https://image.coinpedia.org/wp-content/uploads/2024/09/06011941/ETHUSDT_2024-09-06_01-19-26-300x131.png 300w, https://image.coinpedia.org/wp-content/uploads/2024/09/06011941/ETHUSDT_2024-09-06_01-19-26-768x336.png 768w, https://image.coinpedia.org/wp-content/uploads/2024/09/06011941/ETHUSDT_2024-09-06_01-19-26-1536x673.png 1536w, https://image.coinpedia.org/wp-content/uploads/2024/09/06011941/ETHUSDT_2024-09-06_01-19-26-150x66.png 150w, https://image.coinpedia.org/wp-content/uploads/2024/09/06011941/ETHUSDT_2024-09-06_01-19-26.png 1824w" sizes="(max-width: 1024px) 100vw, 1024px"></a>
 <figcaption class="wp-element-caption">
  Source: Trading View
 </figcaption>
</figure>
<p>Currently, the major liquidation levels are near the $2,335 level on the lower side and $2,417 on the upper side as traders at these levels are over-leveraged, according to the on-chain analytic firm CoinGlass.</p>
<p>At press time, ETH is trading near the $2,370 level and has experienced a price drop of over 3% in the last 24 hours. Meanwhile, its trading volume has dropped by 25% during the same period, indicating lower participation from traders.</p>

Ethereum Under Pressure – Analyst Bearish Outlook, Eyes on $2,200

Table of Contents

CoinPedia News

Other articles published on Sep 5, 2024

South Korean Crypto Listings – Upbit Adds BIGTIME/KRW and Bithumb Lists JTO/KRW

DOGS Price Prediction: Will DOGS Price increase?

WazirX Hackers Transfer $12M in ETH, Laundering via Tornado Cash

Prepare for the Q4 Crypto Boom – Turn $100 Into $1 Million With These Altcoins by 2025

XRP Sees Major Breakdown: What's Happening? Shiba Inu (SHIB) Paints Candlestick Reversal Pattern,...

📢 NEOPIN - IX Swap Partnership & NPT - IXS Pool Launch 📢

Join our free newsletter for daily crypto updates!