coinpedia.org
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Whales and institutions have dumped over 63,538 $ETH worth $141.7 million on Binance and Kraken.
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$ETH could fall by 30% to the $1,500 level if it fails to hold this support level.
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$ETH’s RSI has formed a bullish divergence, indicating a potential trend reversal from a downtrend to an uptrend.
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.
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 a high possibility it could fall nearly 30% to the $1,500 level.
Despite the bearish outlook, $ETH’s Relative Strength Index (RSI) has formed a bullish divergence on a daily time frame, indicating a potential trend reversal from a downtrend to an uptrend. However, this reversal is likely to occur only if $ETH holds itself above the crucial support level.
Key Liquidation Areas
As of now, the major liquidation levels are near the $2,245 level on the lower side and $2,311 on the upper side, as traders are over-leveraged at these levels, according to CoinGlass data.
If the market experiences more selling pressure and Ether’s price falls to the $2,245 level, nearly $275 million worth of long positions will be liquidated. Conversely, if the sentiment shifts to the bullish side and the price rises to the $2,311 level, approximately $170 million worth of short positions will be liquidated.
At press time, $ETH is trading near the $2,285 level and has experienced a price drop of over 2% in the last 24 hours. Meanwhile, its trading volume has increased by 30% during the same period, indicating higher participation from traders amid the market sell-off.