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The cryptocurrency market retained its bearish sentiment during Friday’s U.S. market session as Bitcoin price extended correction below $100k and Ethereum price fell below $3,500. As onchain data shows $ETH whales exiting their position, the coin price could delay an immediate recovery.
According to Coinmarketcap, the $ETH price trades at $3,380 with an intraday loss of 0.91%. Consecutively, the asset’s market cap fell to $407 Billion, while the 24-hour trading volume is at $123.5 Billion.
Key Highlights:
- A substantial transfer of borrowed $ETH to the Binance exchange hints crypto whales are opening a short position in Ether.
- The Ethereum price breakdown below the 20-and-50-day exponential moving average hints negative shift in market sentiment
- A bearish breakdown below $3,500 could invalidate the bearish thesis.
Bearish Bets? $ETH Whales Shift 45,800 $ETH to Binance
In a recent tweet, EmberCN highlights two significant Ethereum transactions that sparked speculation about potential shorting activity by whales or institutions. Over the past 10 hours of reporting, a total of 45,800 $ETH, valued at approximately $154.71 million, was borrowed from the Aave protocol and subsequently transferred to Binance.
The first address, 0xc09…819, borrowed 34,000 $ETH ($114.85 million) and moved it to Binance within six hours. Similarly, another address, 0xb99…cf5, borrowed 11,800 $ETH ($39.86 million) in the past 10 hours and completed a similar transfer to Binance.
这两个巨鲸/机构是在卖空 $ETH 吗？他们在最近 10 小时里从 Aave 借了 4.58 万枚 $ETH ($154.71M) 然后转进币安。
1⃣0xc09…819 地址在最近 6 个小时里借了 3.4 万枚 $ETH ($114.85M) 转进币安；https://t.co/g7drmlvJLK
2⃣0xb99…cf5 地址在最近 10 个小时里借了 1.18 万枚 $ETH ($39.86M)… pic.twitter.com/MXGkoBcR3Z
— 余烬 (@EmberCN) December 20, 2024
These transactions indicate that smart money could be expecting a further correction in Ethereum price and thus opening up a new short position.
Ethereum Price: Double Top Pattern Hints Major Breakdown
The daily chart analysis of the Ethereum price shows the formation of a double-top reversal pattern. This chart setup resembles the letter ‘M’ and is often spotted at major market tops.
Amid the recent market downturn, the altcoin gave a decisive breakdown from the pattern’s neckline support of $3,500 on Thursday. If the theory holds, the $ETH price could retest the breached trendline as potential resistance before continuing the downward trend.
With sustained selling, the coin price could plunge 14% to retest the $2,900 floor.
On the contrary, if the price rebounds above $3,500 in the retest phase, the buyers could regain their control over this asset.
Also Read: Ethereum Foundation’s Strategic Sales Continue to Predict Market Tops, Latest Sale Precedes 17% Drop