Price of Ethereum (ETH) Under Scrutiny Amidst Bearish Signals and Significant Whale Activity
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Ethereum Bearish Signals Worsen as Genesis Whale Offloads $14.5 Million ETH
The current Ethereum (ETH) price chart shows a potential death cross, which suggests increasing bearish momentum. Additionally, the possibility of a negative crossover between the 100 and 200 EMA lines is looming. Moreover, the 4-hour RSI line has fallen below the midpoint, signifying an escalation in selling pressure.
These ominous signs have been further exacerbated by a significant event: a Genesis-era whale offloaded approximately $14.5 million worth of ETH tokens to Kraken. This sale, which occurred mere hours ago, raises concerns about the whales’ intentions and potential market impact.
For context, this whale initially received 20,000 ETH in July 2015, valued at around $6.2K at that time. After staking the received tokens for rewards, they sold during previous bullish peaks and still hold an impressive stash of 7,943 ETH worth approximately $24.6 million at current prices.
Considering these developments, the Ethereum price is likely to retest immediate support levels at $3,392 and $3,244 in the short term. However, if the broader market were to recover, it’s possible that ETH could once again challenge the $3,500 supply zone.
It is essential for investors to remain cautious and do thorough research before making any investment decisions due to the current bearish indicators and significant whale activity.
Source: thecryptobasic.com
