The recent fluctuations in Ethereum’s price have drawn attention to the involvement of major players like FTX and Alameda Research. In the past days, data from Spot on Chain shows these entities have been actively moving significant amounts of Ethereum, totaling 6,500 ETH valued at $24.57 million, to Coinbase. Interestingly, these transactions have been closely followed by notable drops in Ethereum’s market value, indicating a potential correlation between the movements of FTX and Alameda Research and Ethereum’s price dynamics.

Analysis of Recent Transactions and Price Impact

FTX and Alameda Research have been busy in the Ethereum market, executing multiple transactions in recent days. These transactions involve significant amounts of Ethereum being deposited to Coinbase, along with movements of other assets totaling $6.26 million.

Notably, the market has reacted swiftly to these transactions, with Ethereum experiencing notable price drops following the majority of these movements. Graphical representations of these price movements highlight the correlation between the transactions executed by FTX and Alameda Research and the subsequent dips in Ethereum’s market value, suggesting a potential causal relationship between the two.

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Technical Analysis and Outlook

Turning to technical analysis, Ethereum’s current price trend reveals the formation of a significant bearish trend line, with resistance observed around $3,850. Key resistance levels are identified near $3,850 and the trend line, closely aligned with the 50% Fibonacci retracement level from recent swing highs to lows. Potential scenarios for Ethereum’s price movement hinge on breaking these resistance levels.

A successful breach above $3,880 could signal a resurgence in bullish momentum, potentially pushing Ethereum towards the $4,000 mark. Conversely, failure to overcome $3,850 might lead to further downside movement. Initial support is expected around $3,680, followed by a major support zone near $3,600. A decisive break below $3,500 could trigger a deeper decline towards $3,350, warranting close monitoring of key support and resistance levels in the days ahead.

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The post These Firms Are Behind Frequent Ethereum (ETH) Price Dump appeared first on CoinGape.

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Filed under: News - @ January 1, 1970 12:00 am