Ethereum, the world’s second-biggest cryptocurrency has been consolidating in a tight range following the breaking of a bearish rising wedge price action pattern on a daily time frame. During this ongoing consolidation, a crypto whale Metalpha (Gnosis Safe Proxy address) has transferred a significant ETH to Binance.
Ether Whale offloads $26 million of ETH
According to the on-chain security firm Arkham, Metalpha recently transferred a substantial 10,000 ETH worth $26 million to the Binance cryptocurrency exchange. This massive token transfer has gained massive attention from crypto enthusiasts and may create selling pressure.
Despite a notable token dump, the Ether whale still holds a significant $148.46 million in cryptocurrencies. The holding includes PEPE, WSTETH, aEthwstETH, DAI, WBETH, and many more.
Ethereum Price Prediction
According to the expert technical analysis, ETH has been in a downtrend since the beginning of August 2024. Additionally, it is trading below the 200 Exponential Moving Average (EMA) on a daily time frame. With the recent breakdown of the rising wedge price action pattern, there is a high possibility that ETH could fall 15% to $2,200, in the coming days.
However, veteran trader Peter Brandt has already shared a bearish outlook for ETH. According to his latest post, there is a high possibility that ETH could fall to the $1,600 level. Meanwhile, the bearish market sentiment, the current price action pattern, and the significant dump have made the ETH extremely bearish.
Ether price analysis
Despite the massive dump, Ether is currently trading near the $2,610 level and has experienced a price surge of 1.2% in the last 24 hours. Meanwhile, its trading volume has dropped by 47%, indicating lower participation from traders in this highly volatile market. Additionally, ETH’s open interest has remained stable over the last 24 hours, suggesting no major interest from investors amidst the ongoing selling pressure.
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