Ethereum

Following a struggling cryptocurrency market, it appears that the market is now recovering, with top cryptocurrencies including Bitcoin, Ethereum, Solana, and others experiencing significant gains over the last 3 to 4 days. However, in line with the ongoing recovery in the cryptocurrency market, the on-chain analytics firm Lookonchain recently posted on X (formerly Twitter) that a crypto whale seemed to be selling their ETH holdings to take a profit. Profit booking in Ethereum 
According toLookonchain, the whale deposited a massive 7,000 Ethereum into the world’s biggest cryptocurrency exchange, Binance, resulting in a profit of over $16 million. The firm also shared the full activity of this whale and their Ethereum holdings. 
A year ago, when the overall cryptocurrency market was down and Ethereum was trading at $1,890, this whale wallet address, 0xc8D, made a massive purchase of over 12,906 Ethereum worth $24.39 million. Additionally, this substantial ETH purchase was made through Binance and later deposited into Lido. Ethereum technical analysis and key-level 
One notable observation is that this massive sale of ETH occurred at a strong resistance level near the $3,200 mark. According to expert technical analysis, Ethereum has formed a lower high and lower low pattern structure since March 10, 2024, which is bearish in the long run. However, this lower high and lower low pattern also resulted in the formation of a bullish flag and pole pattern on a daily timeframe.
Ethereum will only experience a bullish move if it closes daily candles above the $3,300 level. If the $3,300 level is breached in the coming days, there is a high possibility of witnessing an over 11% price surge towards the $3,650 level. Otherwise, there is also a chance that <a href="https://news.todayq.com/ripple-ceos-bold-claim-xrp-ethereum-arent-securities/" rel="noopener noreferrer nofollow">ETH could fall </a>by 13% and reach the $2,750 level. Currently, it is experiencing resistance from trendlines and horizontal lines.
Currently, Ethereum is trading near the $3,218 level, and in the last 24 hours, it has experienced over 2.7% upside momentum. Looking at Ethereum’s performance over a longer period, in the last 7 days, it experienced only a 1% upside momentum, while in the last 30 days, due to market uncertainty, ETH experienced a price fall of over 3.5%.
Aside from Ethereum, the overall cryptocurrency market is up by over 1.6%, with top cryptocurrencies like Bitcoin, Solana, and many other tokens also experiencing upside momentum.

Whale dumps Ether, books $16M profits but why now

Todayq News

Další články publikované 6. 5. 2024

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