Ethereum News : Ethereum Price Crash On Cards? $25M Sell-Off Sparks Fear of Further Decline


Ethereum (ETH) faces potential bearishness as BlockTower Capital, a leading crypto venture capital firm, sold 9,232 ETH worth $25 million. According to LookonChain data, the sale was executed across multiple platforms, including FalconX, Cumberland, Wintermute Trading, and B2C2 Group. This large liquidation has fueled concerns within the crypto community, especially as it coincides with a broader decline in institutional buying interest.

Ethereum recently faced rejection at the $2,700 resistance level, signaling possible bearish trends. The rejection aligns with the 78.6% Fibonacci retracement level, adding to the market’s bear state. However, the fear of death cross, indicated by the 50-day Exponential Moving Average (EMA) crossing below the 200-day EMA, suggests further downside risks. This technical pattern is often seen as a strong sell signal, prompting traders to reconsider their positions.

Whale Activity Deepens Market Worries

Adding to the concerns, a prominent Ethereum whale has been aggressively selling off large amounts of ETH. This whale, who acquired 1 million ETH during the Ethereum ICO at $0.31 per token, has offloaded 48,500 ETH, worth approximately $154 million, in the past month alone. This selling spree has intensified market fears, especially as it coincides with broader market instability and declining interest in Ether ETFs.

The Plus Token Saga and Its Impact on Ethereum

Complicating matters further is the ongoing fallout from the Plus Token Ponzi scheme. Recent investigations revealed that significant Ethereum assets linked to the now-defunct Bidesk exchange have been transferred, with a portion of these assets being funneled through addresses connected to the Plus Token scheme. Last week, $63.1 million worth of Ethereum, seized about Plus Token, was transferred, coinciding with the whale’s latest dump of 5,000 ETH.

Potential for Further ETH Price Decline

Ethereum’s price hovers around $2,656 after its recent rejection at $2,700. The death cross, combined with a negative Moving Average Convergence Divergence (MACD) reading, suggests further bearish pressure. If Ethereum fails to hold the $2,500 support level, it could trigger a sell-off toward the $2,000 mark.

Rebound Possible, If? 

Despite these bearish indicators, there is a possibility for a rebound. Historically, Ethereum is showing a pattern similar to past bull cycles, which could lead to a breakout to a new all-time high in the fourth quarter. If Ethereum manages to breach the immediate $2,700 hurdle, it could ignite a rapid upward price movement, potentially leading to a new bullish phase with targets toward $3,000 and beyond. However, the current market sentiment remains cautious, with many traders preparing for potential further declines.

Ethereum’s pricing issues: will strong fundamentals help it recover in September? Weigh in.


#Ethereum #Price #Crash #Cards #25M #SellOff #Sparks #Fear #Decline

Want to see more news?

Johnny Walker

I love posting news feeds!

Related Posts

Ethereum News : Bitcoin and Ethereum Fee Drop: The Perfect Time for Cost-Effective Transactions

With costs now sitting at notable lows, it could be the perfect moment to fine-tune transaction expenses on Ethereum or Bitcoin. #Bitcoin #Ethereum #Fee #Drop #Perfect #Time #CostEffective #Transactions Want…

Ethereum News : Solana Remains Institutional Investors’ Favorite As Outflows Rock Bitcoin, Ethereum

Digital asset investment products have experienced a second consecutive week of outflows, but Solana looks to be bucking the trend. Notably, last week was full of outflows from cryptocurrency-based investment…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

Dogecoin News – Rollblock Looks Set To Beat Dogecoin (DOGE) and Tron (TRX)

Dogecoin News – Rollblock Looks Set To Beat Dogecoin (DOGE) and Tron (TRX)

Ethereum and Bitcoin Investors Add Future A.I Dating Cryptocurrency To Future Investment Portfolios, Here’s Why – 247CryptoReporter

Ethereum and Bitcoin Investors Add Future A.I Dating Cryptocurrency To Future Investment Portfolios, Here’s Why – 247CryptoReporter

Ethereum News : Bitcoin and Ethereum Fee Drop: The Perfect Time for Cost-Effective Transactions

Ethereum News : Bitcoin and Ethereum Fee Drop: The Perfect Time for Cost-Effective Transactions

UK set to classify crypto and NFTs as property under newly proposed legislation NFT Cryptocurrency

UK set to classify crypto and NFTs as property under newly proposed legislation NFT Cryptocurrency

Dogecoin News – Whales bought over 400m DOGE, on-chain signals look bullish

Dogecoin News – Whales bought over 400m DOGE, on-chain signals look bullish

Here’s how much Michiganders lost in crypto fraud in 2023 – 247CryptoReporter

Here’s how much Michiganders lost in crypto fraud in 2023 – 247CryptoReporter
Please enter CoinGecko Free Api Key to get this plugin works.