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Ethereum Bearish Signals Worsen as Genesis Whale Offloads $14.5M ETH
A recent analysis of the Ethereum (ETH) price chart reveals a worsening bearish scenario, fueled by an alarming trend in whale activity. A prominent whale from the Genesis era has begun offloading a massive 4,160 ETH tokens valued at approximately $14.5 million.
This significant sell-off is taking place as technical indicators turn increasingly bearish, painting a grim picture for Ethereum’s short-term prospects. The 1-hour chart shows a potential death cross formation, signaling growing bearish momentum. Moreover, the negative crossover between the 100 and 200 EMA lines could be on the horizon.
The 4-hour RSI line has also taken a downturn, dropping below its midpoint as it continues to move sideways. This shift reflects an escalating increase in selling pressure across the market.
In tandem with these bearish signals, we’ve observed a notable whale activity. A Genesis-era whale chose Kraken as the exchange for offloading 4,160 ETH tokens, valued at $14.5 million. It’s essential to note that this whale initially received 20,000 ETH in July 2015, which would have been worth approximately $6.2K at the time.
After staking the received tokens for rewards, this whale has consistently sold during previous bullish peaks and still holds onto 7,943 ETH, currently valued at $24.6 million.
The confluence of these bearish signals paints a grim picture for Ethereum’s short-term prospects. It’s crucial to assess potential support levels that could be tested if the market continues to decline. Immediate support stands at $3,392 and $3,244, respectively.
In contrast, should broader market trends recover, ETH could potentially retest the $3,500 supply zone.
Source: thecryptobasic.com
