Recent on-chain analysis reveals significant activity in the Ethereum (ETH) market, with large transactions impacting the coin’s value and raising questions about its future direction. Key figures provided by on-chain analysts shed light on multiple whale transactions, especially those linked to HashKey, a major player in the altcoin space. Here are the details…
There is activity in Hashkey’s altcoin wallets
According to reports from Lookonchain, a leading on-chain analytics platform, a wallet associated with HashKey sold a staggering $97.7 million worth of Ethereum. The wallet’s movements were closely monitored as it transferred 50,115 ETH to major exchanges Binance and OKX within 10 days. Then, approximately 102.5 million dollars were withdrawn in Tether (USDT) and USD Coin (USDC). Despite the massive sell-off, Ethereum’s price has remained resilient, rising a modest 1.26% over the past 24 hours to reach $1,960.38. However, weekly performance remained at -4.35%, resulting in a notable decline of 31.25% in daily trading volume.
The Ethereum market’s reaction to this significant sell-off is raising eyebrows among analysts. Typically, such significant sales lead to a decrease in the value of the asset. However, Ethereum defied expectations and maintained its position below $2,000 but still showed signs of stability.
What’s next for ETH?
Despite the positive market reaction, Ethereum is technically in a negative price channel. Analysts warn that a break below the $1,945 support level could trigger further declines and potentially reach $1,830. On the other hand, if Ethereum manages to maintain its position above $1,945 in the next 72 hours, this could indicate a positive trend. A break above the descending price channel could pave the way for $2,065 to become a new support level.
DYDX whales are also on the move
This transaction regarding HashKey is not an isolated incident. Ember monitoring and on-chain data from @ai_9684xtpa reveal additional whale movements. A particular address transferred 52,435 ETH to Binance and OKX and then withdrew a significant amount in USDT. Another report highlights that seven whale addresses transferred 3.35 million DYDX worth $13.13 million in just four days. cryptokoin.com As we reported, DYDX had a liquidity problem yesterday due to the sharp decline of YFI.
The cryptocurrency market, especially Ethereum, is witnessing notable changes driven by whale activity. The massive Ethereum sale of the HashKey wallet, combined with other significant transactions, added an element of uncertainty. As the market monitors Ethereum’s reaction to these moves, analysts remain alert to potential shifts in key technical levels that could determine the future trajectory of this leading cryptocurrency.
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