More

    Ethereum Whale Dumps $23 Million of ETH as Price Sinks

    The post Ethereum Whale Dumps $23 Million of ETH as Price Sinks appeared first on Coinpedia Fintech News

    The current market sentiment is quite confusing and unpredictable regarding whether the price of the asset will rally or crash. Given the current market conditions, an Ethereum Whale that holds nearly $23 million worth of ETH has dumped its entire holding after holding it for 10 months. 

    Ethereum Whale Sell-Off $23 Million of ETH

    On October 25, 2024, a blockchain-based transactions tracker Lookonchain made a post on X (Previously Twitter) that a whale wallet address “0x883” dumped 8,982 ETH worth $22.93 million to the cryptocurrency exchange OKX. The whale withdrew these notable ETH from OKX and staked it before the spot Bitcoin ETF received approval from the SEC.

    This whale finally gave up after holding $ETH for over 10 months and sold it all!

    He withdrew 8,800 $ETH($19.82M) from #OKX on Jan 6 and staked it.

    On Oct 17 and Oct 25, he deposited all 8,982 $ETH($22.93M) to #OKX, making ~$3M.

    If he sold at a high price in March, the profit… pic.twitter.com/sCOgOGEnlv

    — Lookonchain (@lookonchain) October 25, 2024

    With this recent dump, it appears that the whale finally gave up its ETH after holding it for 10 months and made a profit of nearly $3 million. The potential reason behind this dump is current market conditions and continuous price decline.

    Ether Price Momentum 

    At press time, ETH is trading near $2,490 and has experienced a price decline of over 2.15% in the past 24 hours. During the same period, its trading volume jumped by 23%, indicating higher participation from traders and investors, likely due to the ongoing price decline.

    Ethereum Technical Analysis and Upcoming Level

    According to the expert technical analysis, ETH is at a crucial support level of an ascending trendline, which it has been respecting since the beginning of September 2024. However, this support level is vital for ETH’s upcoming rallies, as it acts as a make-or-break situations.

    Source: Trading View

    If the current sentiment remains unchanged and the price breaches the support level and closes a daily candle below the $2,400 level, there is a strong possibility that the asset could decline to the $2,200 level. On the other hand, if sentiment changes and ETH holds itself above the crucial support level, there is a strong possibility that the asset could soar to the $3,000 level.

    Additionally, ETH’s price is below the 200 Exponential Moving Average (EMA), indicating a downtrend.

    Related articles

    Donald Trump Appoints Paul Atkin as New SEC Chair, Fact or Rumor?

    The post Donald Trump Appoints Paul Atkin as New SEC Chair, Fact or Rumor? appeared first on Coinpedia Fintech News As the cryptocurrency market experiences a price correction, several social media posts claim that President-elect...

    Time to Buy Cardano? $230M ADA Outflows Signal Bullish Rally

    The post Time to Buy Cardano? $230M ADA Outflows Signal Bullish Rally appeared first on Coinpedia Fintech News The recent election results have shifted overall market sentiment. Amid this, Cardano (ADA) along with other major...

    South Korea Martial Law Triggers Crypto Market Crash : Bitcoin and Altcoins Plunge

    The post South Korea Martial Law Triggers Crypto Market Crash : Bitcoin and Altcoins Plunge appeared first on Coinpedia Fintech News In the latest development, Cryptocurrency prices plunged and exchanges were paralyzed after South Korean...

    Stay Alert of Crypto Scammers in Holiday Season

    The post Stay Alert of Crypto Scammers in Holiday Season appeared first on Coinpedia Fintech News As the holiday season starts and people are busy shopping and enjoying themselves, scammers are getting busy as well....

    Bitcoin Price Analysis: Will BTC Break $98.7K or Fall to $90K?

    The post Bitcoin Price Analysis: Will BTC Break $98.7K or Fall to $90K? appeared first on Coinpedia Fintech News Bitcoin (BTC) price has failed to rally beyond the crucial threshold of around $98.7k in the...

    Latest articles

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here