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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.