Key Points:
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Ethereum may drop to a 25% drop of $1,600 after failing to surpass years of technological resistance.
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A whale transferred more than $237 million of ETH into exchange, increasing its inflow of ETH and becoming a binance for five consecutive days.
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Wallet data suggests that large ETH holders are redistributed or unloaded, adding to bearish pressure.
Ethereum’s local token, Ether (eth), showing signs of vulnerability after showing below the critical multi-year support level, is like a major whale that seems to have dumped hundreds of millions of dollars worth of ETH.
Technical failure puts $1,600 ETH target into
On the two-week chart, the trend line with ether is lower than the lower trend line of the symmetrical triangle that has been firmly steadily since mid-2022.
In March, the 200-period exponential moving average (200-segment EMA; blue wave) around $1,600 provided a temporary rebound, but recovered stagnated around $2,545 after reaching 50 period EMA (blue wave).
The 50-period EMA is consistent with the lower trend line of the triangle, forming a confluence of resistance that Eth Bulls have been repeatedly unable to overcome in recent months, including June.
Other indicators of bearish pressure include Ethereum’s Relative Strength Index (RSI)it is still below the multi-year advent trend line.
Despite recent price rebounds, RSI has not exceeded the resistance of the trendline, indicating that bullish momentum has eased momentum, thereby enhancing the possibility of sustained declines.
If this resistance converges, ETH risk returns its 200 segment EMA close to $1,600, marking a potential landslide of 25% at current levels.
Eth Whale Whale Wallets Trash Garbage Stagnant Recovery
Ethereum’s OnChain data further highlights the risk of ETH price dropping in the coming weeks.
In early June, two Ethereum wallets, 0x14e4 and 0x26BBAccording to Etherscan, 95,920 ETH (approximately $237 million) was not fixed and withdrawn.
Among them, in the past 20 days, 62,289 ETH (approximately US$154 million) have been deposited on exchanges including HTX, BYBIT and OKX. The remaining 33,631 ETH (about $83 million) is still in the whale’s address and is likely to be ready for sale.
Data resource Lookonchain believes that the wallet is controlled by a single “big whale” entity.
Binance sees ETH flow in for five consecutive days
Whale’s large ETH transfer in exchange with the nearest one encryption Report.
It shows Ethereum flowing into the world’s largest cryptocurrency exchange, which lasted for five days in a row.
Glass Festival data Revealing further bearish undercurrents.
Since mid-May, the ETH supply held by the address has been 10,000–100,000 ETH, while the supply of the 1,000–10,000 ETH queue has dropped sharply.
This suggests that large holders either break down the wallet into smaller chunks or allocate ETH to new, possibly uninstall addresses, increasing downside bias for cryptocurrencies.
Ethereum analyst: rally to $4,000 “Time Question”
Ether’s bearish outlook is in stark contrast to the wider upward sentiment in the market.
Related: Ethereum sets up for rally because it exceeds the crucial $2.4K price: Analysts
Analyst Agela notes As mentioned above, the breakout of Ether exceeds its weekly RSI resistance is just a “question of time”.
“This will be a catalyst for price appreciation,” he wrote.
“The lows for ETH Weekly RSI have been low since the first quarter of 2024, which is why ETH cannot recover $4,000.”
Other analysts further predict The price of ether will gather at $10,000 Due to supportive technical indicators and durability Capital inflows centered on ELECH’s investment funds.
This article does not contain investment advice or advice. Every investment and trading move involves risks and readers should conduct their own research when making decisions.
