Ethereum

In this ongoing choppy market, traders and investors are frequently experiencing ups and downs. Amid this ongoing fluctuation, on July 8, 2024, an on-chain analytic firm Spotonchain made a post on X stating that two smart traders turned bearish and dumped a significant 13,680 <a href="https://news.todayq.com/justin-sun-in-trouble-as-ethereum-crashes-10-heres-why/" rel="noopener noreferrer nofollow">Ethereum (ETH)</a> worth $41 million, as the market was recovering. Following this massive dump, it looks like ETH got impacted as it fell more than 4.5%. Whale deposits $41 million worth of Ethereum&nbsp; 
According to spotonchain data, one of the smart traders deposited all of his ETH holdings which was 6,440 ETH worth $19.5 million to the world’s biggest cryptocurrency exchange Binance, 21 hours ago. However, following this massive ETH deposit to Binance, this trader experienced an estimated loss of $2.65 million amidst the downturn but accumulated a substantial $20.6 million in cumulative profit from Ethereum trades.
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Whereas other traders’ wallet address 0x742, deposited nearly 7,240 ETH worth $21.4 million to Kraken, and following this deposit ETH started to fall. As per the data, following this deposit, this trader made a huge profit of over $12.83 million, reflecting a remarkable gain of 149%. Additionally, this trader has held this massive ETH for over 1.5 years.&nbsp;
These recent deposits by these traders highlight the sentiment of the market which is still bearish.&nbsp; Ethereum technical analysis and key levels 
According to expert technical analysis, ETH is looking bearish and is currently at a strong support level of $2,850. However, the technical indicator signals bearishness for ETH. On a daily time frame, ETH is moving below the 200 Exponential Moving Average (EMA). If ETH on a daily time frame gives a candle closing below the support level of $2,850 then there is a high possibility that ETH may fall over 9% till the $2,600 level.
However, there is also a chance that ETH may bounce back if it gets support from the bulls. If ETH on a daily time frame gives a candle closing above the $3,080 level, then there is a high possibility that ETH following that closing hit the $3,250 level.
As of writing, ETH is trading near the $2,900 level and it experienced over 4% of the price drop. Following this price drop, the 24-hour trading volume jumped by 30% signaling a higher level of inventors’ and traders’ participation in ETH. If we look at the performance of ETH over a longer period, in the last 7 days it experienced a 16% price drop. Whereas, in the last 30 days, ETH lost over 20% of its value.

Ethereum falls 4% as Smart traders dump $41M worth of ETH

Todayq News

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