Smart Whale’s Ethereum (ETH) Sell-off Impacts the Altcoin’s Price

Coin Edition
Coin Edition

29 Jun 2023 8:54 AM

According to Lookonchain, the drop in ETH’s price over the past day is due to a sell-off from a particular smart whale. Read more on CE....

  • Lookonchain speculated that the drop in ETH's price was likely due to a sell-off from a single whale.
  • The whale deposited 25K ETH to Binance and has about 8K ETH left unsold.
  • The same whale also withdrew 16 million USDT recently.
  • ETH's price decreased by 0.93% and was trading at $1,845.79 at press time.
  • The drop in price pushed ETH's weekly performance further into the red at -3.26%.
  • The 24-hour trading volume for ETH saw a 23.46% drop to around $6 billion.
  • From a technical perspective, ETH was trading between the 9-day and 20-day EMA lines.
  • A major bearish technical flag was on the verge of being triggered.
  • If ETH closes the next 2 daily candles above the 9-day EMA line at $1,847, the bearish thesis will be invalidated.

The sentiment of the article is negative, focusing on the drop in ETH's price and the potential bearish indicators.

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You May Ask

What is the speculated reason for the drop in ETH's price?How much ETH did the whale deposit to Binance?How much ETH does the whale have left unsold?What is the current trading volume for ETH?What is the potential support level for ETH's price in the following week?

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