ETH
Ethereum Whales Send Over $205 Million To Coinbase
Published
2 months agoon
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adminOn-chain data suggests that some Ethereum whales might be jumping off the bandwagon amidst the ongoing tug-of-war between bulls and bears. This phenomenon has become increasingly evident as transaction data from whale trackers reveals a significant uptick in whale activity over the past 24 hours. The majority of these transactions are directed towards various crypto exchanges, indicating a possible shift in strategy or sentiment among these large-scale investors.
Notably, on-chain transaction alerts from Whale_Alerts show that approximately $205 million worth of ETH has been transferred into crypto exchange Coinbase from unknown wallets within the past 24 hours.
Ethereum Whales Send Huge Amounts To Coinbase
As noted earlier, transaction alerts from whale transaction tracker Whale_Alerts show that 61,819 ETH were sent to the crypto exchange Coinbase in the past 24 hours from whale wallets. These transactions, collectively worth $205 million at the time of transfer, were made known through the social media platform X.
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It is interesting to note that the movement into Coinbase wasn’t made through a lump sum but was made through a series of five transfers, each with an average of 10,290 ETH worth over $34 million. Interestingly, the transfers were made in such a consecutive manner that it might suggest that they were controlled by the same entity. Regardless, the movement of such a significant amount of ETH has ignited attention, as evidenced by comments on the alerts on X. Observers are speculating about the intentions behind these transfers, with most suggesting a potential liquidation.
🚨 🚨 10,291 #ETH (34,116,942 USD) transferred from unknown wallet to #Coinbasehttps://t.co/nDVnyKT28v
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,291 #ETH (34,162,130 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Z5vofQNoso
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,323 #ETH (34,492,433 USD) transferred from unknown wallet to #Coinbasehttps://t.co/Z5rp3IHwFe
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 10,291 #ETH (34,097,937 USD) transferred from unknown wallet to #Coinbasehttps://t.co/dUggaEZ0XM
— Whale Alert (@whale_alert) July 29, 2024
🚨 🚨 🚨 20,623 #ETH (68,335,696 USD) transferred from Coinbase Institutional to unknown new wallethttps://t.co/62HNL1iGxi
— Whale Alert (@whale_alert) July 29, 2024
What Does This Mean For ETH?
The increase in whale activity comes at a time when Ethereum is experiencing considerable volatility. ETH bulls and bears are currently engaged in a fierce battle for control after the launch of Spot Ethereum ETFs.
Crypto whales have considerable influence over market dynamics. Their actions are closely monitored by retail traders and analysts. As a result, these substantial Ethereum transfers to Coinbase could have significant implications for the cryptocurrency market. When large amounts of ETH move to exchanges, it often signals an intention to sell, which may lead to increased selling pressure. This influx of supply could drive down the price of Ethereum in the short term.
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At the time of writing, Ethereum is trading at $3,340 and has struggled to maintain a position above a significant resistance level of $3,357. This resistance point represents a formidable order block, which has consistently posed challenges for bullish investors in the past 30 days. The recent substantial transfers of Ethereum to Coinbase likely contributed to the difficulty in overcoming this resistance.
Despite this, there is a prevailing bullish sentiment within the trading community, with many traders anticipating initial breakouts above key order blocks around $3,357 and $3,540.
In other news, the Ethereum community recently celebrated the cryptocurrency’s 9th birthday.
Happy 9th birthday, Ethereum!
Looking forward to seeing what the next decade brings. pic.twitter.com/bXq56mIff7
— vitalik.eth (@VitalikButerin) July 30, 2024
Featured image created with Dall.E, chart from Tradingview.com
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Recent Ethereum price action saw ETH reaching another low of $2,150 on September 6, raising concerns of a more severe drop towards the $2,000 price level. Although these concerns were eased with a subsequent bounce to $2,460 on September 13, Ethereum remains largely in a downtrend, with a triple-bottom price formation now shaping up.
Interestingly, this triple bottom formation is not new for Ethereum. As technical analysis points out, the current price action seems to repeat a similar playout in mid-2021.
Ethereum Fractal Suggests Rally In Q4
According to a technical analysis by crypto analyst CryptoBullet on social media platform X, Ethereum is shaping up to form a triple bottom price formation on the 1D candlestick time frame. While the third bottom has yet to be fully completed, the analyst draws attention to a similar pattern that unfolded between June and August 2021.
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During those three months, Ethereum’s price fluctuated up and down to create three distinct lows just above the $1,675 mark. After the third low was established, Ethereum experienced a significant bullish rally that propelled it to break through and establish its current all-time high. This upward movement became even more pronounced after a fractal pattern emerged in August 2021, signaling a strong momentum shift.
Recent market dynamics have prompted Ethereum to create two bottoms of around $2,150 in August and September. Interestingly, a recent rejection at the $2,450 resistance has seen Ethereum pushing on a decline. This has prompted analyst CryptoBullet to highlight the possibility of a third low in October, thereby completing the triple bottom formation.
Price formations in cryptocurrency markets are known to repeat over time, often following patterns that can help traders anticipate future movements. While no two market conditions are exactly the same, studying past price movements provides valuable insights into what may happen in the future. A similar playout of the 2021 price action puts on a similar surge for Ethereum in Q4 2024. Notably, the analyst envisioned a rally towards the $3,700 price level.
What’s Next For ETH?
At the time of writing, Ethereum is trading at $2,320 and continues to exhibit a weak short-term outlook. If Ethereum fails to clear the $2,340 resistance, it could start another decline towards $2,150.
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This weak performance and outlook are even more pronounced compared with Bitcoin. As such, Ethereum/Bitcoin is now at its lowest level since April 2021, a staggering 41-month low. Most of this lackluster action has also been exacerbated by selloffs from a few large holders. For instance, Ethereum co-founder Vitalik Buterin recently came under scrutiny for selling $2.2 million worth of Ethereum.
Featured image created with Dall.E, chart from Tradingview.com
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Bitcoin
‘It’s Almost Over’ – Analyst Benjamin Cowen Predicts Ethereum Bottoming Out Against Bitcoin
Published
1 day agoon
September 18, 2024By
adminPopular crypto analyst Benjamin Cowen thinks Ethereum (ETH) is close to bottoming out against Bitcoin (BTC).
Cowen tells his 856,500 followers on the social media platform X that he thinks the ETH/BTC ratio will bottom out between 0.03-0.04 BTC and then trend up next year.
“It could bottom as early as this week or as late as December. Based on prior capitulations, I think it will happen sooner rather than later…
More people need to understand that ETH/BTC is not equivalent to ETH/USD. Last cycle, ETH/USD kept dropping even after ETH/BTC bottomed. But whenever ETH/BTC does find its cycle low, it should correspond with at least a temporary bounce for ETH/USD.”
Cowen compares the current ETH/BTC chart to the relationship between the top two crypto assets back in 2019.
“While ETH/BTC bottomed shortly after the 1st rate cut in 2019, ETH/USD trended down until [end of year].”
Cowen has been on target with ETH/BTC this year.
ETH is trading at $2,326 at time of writing. The second-ranked crypto asset by market cap is up more than 1.5% in the past 24 hours.
BTC is trading at $60,252 at time of writing. The top-ranked crypto asset by market cap is up more than 3% in the past day.
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Altcoins
‘Run It Back’ – Crypto Analyst Predicts Massive Rallies for Ethereum and Solana, Says October Will Be ‘Lit’
Published
1 week agoon
September 12, 2024By
adminA widely followed crypto strategist believes sharp recoveries are in store for Ethereum (ETH) and its competitor Solana (SOL).
Starting with the top smart contract protocol, pseudonymous analyst Kaleo tells his 647,300 followers on the social media platform X that his bearish scenario for Ethereum is no longer valid.
The trader shares a chart suggesting that ETH has already printed a local bottom and is now gearing up for big rallies.
“The yellow line is cursed.
The white line in this thread has been goated and will continue to be goated.
Run it back.”
Looking at the trader’s chart, he seems to predict that Ethereum will rally to $4,400. At time of writing, ETH is trading for $2,383.
As for Solana, Kaleo shares a chart suggesting that SOL is now en route to a new all-time high after holding support at $120.
“The white lines were and always have been the path. Run it back.”
Based on the trader’s chart, he seems to predict that SOL will rally to a new record level at around $400. At time of writing, SOL is worth $135.63.
Kaleo also says that Q4 will be incredibly bullish for crypto after witnessing an extended corrective period over the last six months or so.
“Uptober is gonna be lit. Upvember will be even better.”
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