One Ethereum A possible sell-off is feared after the (ETH) whale transferred a large amount of tokens to an exchange. According to a post shared by whale tracking platform Whale Alerts earlier today. according toa whale transferred 64,000 ETH from an unknown wallet to Binance.
🚨 🚨 🚨 🚨 🚨 64,000 #ETH (104,970,266 USD) transferred from unknown wallet to #Binancehttps://t.co/HOJzddxOg7
NEWS CONTINUES BELOW— Whale Alert (@whale_alert) October 4, 2023
The post also emphasized that the transferred ETH was worth approximately $104,970,266. However, at the same time, Whale Alerts claims that 100,000 ETH in one X shipment BinanceHe also shared that it was removed from . and transferred to an unknown wallet. Unfortunately, this does not seem to change the minds of hesitant investors.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 100,000 #ETH (163,969,319 USD) transferred from #Binance to unknown wallethttps://t.co/iBM2vAlrT7
NEWS CONTINUES BELOW— Whale Alert (@whale_alert) October 4, 2023
Investors Are Abandoning
ETH holders have already begun to get rid of some of their ETH holdings in anticipation of a possible sale. CoinMarketCap stated that at the time of writing, ETH was trading at $1,644.73 after its price dropped by 1.34% in the last 24 hours of trading.
This, altcoin It meant that the leader was trading just above its 24-hour low price of $1,630.74 after setting a high price of $1,667.58 during the same period. Additionally, ETH has experienced a more than 29% decline in 24-hour trading volume over the past day. This meant that the token’s intraday volume stood at approximately $5.23 billion at press time.
The recent drop in ETH’s price is its biggest rival Bitcoin It caused a loss of approximately 3.08% against (BTC). Despite this, ETH managed to achieve a price increase of 3.43% in the last seven days. The cryptocurrency was also in the green by 0.36% in the monthly time frame.
From a technical perspective, Ethereum has fallen below the $1,690 support level in the last 3 days of trading. Additionally, the daily moving average convergence/divergence (MACD) indicator showed that the price of ETH may continue to decline as the daily MACD line approaches the daily MACD signal line.
The intersection of these 2 lines may indicate that the current downward trend is continuing. In this scenario, ETH could retest the $1,580 support level in the next 7 days. This bearish thesis could be invalidated if ETH can gain a position above the recently reached $1,690.
If the price of the altcoin can break above this notable price point, it may continue to rise over the following few days. This could cause ETH to attempt to reach the next barrier at $1,790.