Four Ethereum Whales Drop $106 Million in ETH, Will ETH Price Drop Below $3000 Soon?
Bitcoin and the broader cryptocurrency market are facing significant selling pressure, which has led to liquidations of over $900 million in the last 24 hours. Ethereum (ETH) witnessed a significant decline, dropping a notable 8% and reaching lows of $3,250.
Ethereum Whale Action
The significant increase in whale transactions in the Ethereum ecosystem has increased the selling pressure on Ethereum. In response to the recent decline in the market, four major whales or institutions transferred a significant amount of Ethereum (ETH) totaling 31,683 ETH, worth approximately $106 million.
According to data provided by Lookonchain, the transactions involved major players in the cryptocurrency space, including Cumberland, 0xC3f8, 0x1717 and Alameda/FTX.
Cumberland was observed depositing 17,206 ETH, equivalent to $57.3 million, on various exchanges. Similarly, wallet address 0xC3f8 transferred 7,976 ETH worth $26.6 million to Binance, while 0x1717 deposited 4,000 ETH worth $13.32 million to exchange platforms.
Additionally, it was noted that Alameda/FTX deposited 2,500 ETH, equivalent to $8.33 million, to binance.
These significant sell-offs occur amid market volatility and serve as indicators of large-scale movements by institutional investors and whales.
On the other hand, whale deposits to stock exchanges do not seem to stop anytime soon. According to another report from Whale Alert, an unknown wallet transferred $158 million worth of ETH to Binance. This large movement of ETH onto exchanges increases the risk of further selling on the open market.
Crypto Analyst Fred Krueger Sounds Alarm About Ethereum
48,632 #ETH (158,953,335 USD) transferred from unknown wallet to: #Binance
— Whale Alert (@whale_alert) April 13, 2024
In a notable statement, crypto analyst Fred Krueger expressed concerns about the Ethereum (ETH) ecosystem, suggesting that the narrative is weakening amidst many challenges.
Krueger highlighted many factors that contributed to what he perceived as the decline of the ETH story. These include ongoing investigations into the Ethereum Foundation, as well as the Wells Notice issued for Uniswap, a major decentralized exchange platform operating on Ethereum.
Additionally, Krueger noted the absence of an Ethereum Exchange Traded Fund (ETF) in the near future, potentially negatively impacting investor sentiment. He also noted that there is a shift away from non-fungible tokens (NFTs) towards sequential numbers, indicating changing trends in the Ethereum-based digital asset space.
Additionally, Krueger mentioned that the emergence of solana as a competitor poses a threat from the left wing and hints at increasing competition for Ethereum in the blockchain ecosystem.
Finally, Krueger noted the diminishing appeal of the “Ultra Voice Money” narrative associated with Ethereum, suggesting a shift in market sentiment and narrative dynamics surrounding the blockchain platform.
Ethereum price lost major support levels following the recent correction. If the selling pressure continues, there is a high chance that ETH will fall below $3000.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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