Ethereum Price Could Sink to $1,500, Here’s Why
The post Ethereum Price Could Sink to $1,500, Here’s Why appeared on BitcoinEthereumNews.com.
Ethereum (ETH) is facing significant selling pressure from whales and institutions, signaling a potential major price drop. On September 7, 2024, the overall cryptocurrency market experienced a notable price decline including Bitcoin (BTC) and Ethereum (ETH) resulting in continuous sell-offs by whales and institutions. Whales and Institution Offloads $141M of Ethereum In the last 24 hours, over 63,538 ETH worth $141.7 million has been sold on centralized exchanges including Binance and Kraken, as reported by the on-chain analytic firm. Data shows that in during the Asian market institutions like Wintermute and Metalpha have dumped a massive 46,947 ETH and 8,088.8 ETH worth $104.74 million and $18.05 million respectively. Meanwhile, whale wallet addresses “0xa531,” “0xce9,” and James Fickel, the founder of the Amaranth foundation have dumped 2,500 ETH, 3,003 ETH, and 3,000 ETH worth $5.56 million, $6.7 million, and $6.64 million, respectively, before the opening bell of U.S. stock market. James Fickel, founder of the Amaranth Foundation, recently sold another 3,000 $ETH ($6.64M) for 124.04 $WBTC at average prices of $2,213 for ETH and $53,504 for WBTC. This sale occurred within the past 18 hours to repay his loan on #AAVE . Wallet address: 👇 pic.twitter.com/A8UW1W5oik — EyeOnChain (@EyeOnChain) September 7, 2024 This significant sell-off by whales and institutions has the potential to increase selling pressure and trigger even larger sell-offs in the market. Ethereum Price Prediction Expert technical analysis hints ETH is bearish and is currently hovering near a crucial support level of $2,230 level. Since January 2024, ETH has revisited this level six times, each time resulting in a price reversal. Source: Trading View However, due to the current bearish market sentiment and continuous ETH sell-offs by whales, it is crucial for ETH to survive above the $2,130 level. If ETH fails to hold this support level, there is…
Filed under: News - @ September 7, 2024 3:15 pm