A massive institutional cryptocurrency whale is dumping leading altcoin Ethereum. Meanwhile, a sleeping whale recently started selling. Amid these developments, analyst Peter Brandt, who knows every step of Bitcoin, announced that he opened a short position in ETH. The analyst also predicted a sharp decline for Ethereum. Meanwhile, Ethereum price continues to decline after dropping 8% a week ago.
Galaxy Digital dumps ETH as altcoin price drops
Recently revealed analytical data shows that Mike Novogratz’s Galaxy Digital is gradually selling Ethereum. It shows that after the last chunk of ETH deposited to Binance, the total amount of Ethereum the company has sold has reached a pretty significant amount. On-chain analytics data tracker OnchainDataNerd reported that Galaxy Digital, founded by former Goldman Sachs partner Mike Novogratz, deposited a large amount of Ethereum to Binance. OnchainDataNerd noted that the company achieved this through several transactions. These transfers totaled 11,200 ETH worth $24 million.
OnchainDataNerd added that this isn’t the only ETH stack Galaxy Digital has sold recently. In total, Mike Novogratz’s company disposed of a much larger amount of ETH. This amounts to roughly 31,437 tokens, or approximately $71 million.
Sleeping Ethereum wallet wake upand started selling
On-chain analytics platform Lookonchain recently reported that a whale that had been inactive for a year had woken up. Accordingly, the whale began selling ETH on a decentralized exchange. This altcoin owner sold 18,865 Ethereum for 42,000,000 DAI using four newly created wallets. Whale sold all this Ethereum at an average price of $2,229. At the time of this writing, this massive crypto holder has 5,588 ETH left in his possession, worth $12.5 million.
Peter Brandt predicts the price of the leading altcoin will fall sharply
cryptokoin.comAs you follow from, Ethereum failed to hold its yearly highs of $2,400. The leading altcoin has been losing momentum ever since. The bulls tried hard to keep the price above $2,200. However, new bear intervention forced the price to fall below these levels. Additionally, crypto markets have become extremely bearish in the short term. Therefore, it is believed that major tokens will trigger a decent pullback in the coming days.
Investors remain optimistic about the upcoming trend. This causes a significant increase in buying pressure. However, according to Peter Brandt, a popular analyst, ETH price is trading in a bearish formation in the long term and will fall sharply after reaching the top of the consolidation. Referring to the bearish formation, the analyst predicts that the price will witness a sharp decline. In fact, he even suggests that it will soon be traded at a 3-digit figure.
The chart above shows that ETH price started trading inside an ascending triangle after achieving the head and shoulders formation. Technically, the price is expected to trigger a subtle rise after reaching the top. According to the analyst, if the altcoin price confirms that it is trading within a rising wedge formation, it could result in a massive price decline. It is possible that this could lead to the price dropping initially to $1000 and then to $650. In this context, Brandt makes the following statement:
Classic chart formations on price charts are not sacred. That is, they cannot always perform according to textbooks. However, if Ethereum follows the rising wedge scenario in ETH, the target is $1,000, followed by $650. I shorted ETH on Friday. By the way, I have a protective B/E stop.
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