Ethereum ICO Participant Offloads 6,000 ETH As Bearish Sentiment Intensifies
05 Octobre 2024 - 10:30PM
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According to data from CoinMarketCap, the price of Ethereum slipped
by 10.23% over the last seven days in line with the general market
negative movement. This crypto market downturn has been attributed
to multiple factors including heightened geopolitical tensions in
the Middle East and rising liquidations of long positions.
While Ethereum has experienced some rebound in the last day gaining
by 3.21%, investors remain uncertain of a full price recovery with
bearish sentiments raving through the market. Notably, an Ethereum
ICO participant has now sold off a substantial amount of ETH
intensifying concerns of a prolonged downward trend. Related
Reading: Ethereum At Risk Of Further Decline: Top Investor Sets
$2,150 Target If Support Breaks Ethereum ICO Wallet Continues
Selling Spree, Offloads 40,000 ETH In Two Weeks According to data
from blockchain analytics firm, Lookonchain, an Ethereum wallet
with the address “0xBF4” moved 6,000 ETH worth $14.11 million to
the Kraken exchange on Friday. So far, the address has been
identified as an early Ethereum investor who acquired 150,000 ETH
valued at $368 million in the asset’s initial coin offering (ICO)
in 2014. Data from Lookonchain highlights this is the second ETH
sale by “0xBF4” in the last week after the ICO participant
initially sold 19,000 ETH, valued at $47.54 million over Wednesday
and Thursday. Notably, this ETH whale has transferred out 40,000
ETH worth $101 million since September 22, holding a balance of
99,500 ETH valued at $238 million. Generally, massive token
offloads by large holders e.g. whales are interpreted as bearish
signals as they indicate a lack of confidence in the asset’s
long-term profitability. Sales such as those seen from “0xBF4” may
trigger a panic selling from smaller investors inducing a stronger
downward pressure on Ethereum’s price. Related Reading: Crypto Capo
Returns After 2 Months To Predict Ethereum Decline To $1,800, Is It
Time To Go Long? 108,000 ETH Moved To Exchanges In 24 Hours Aside
from the wallet address “0xBF4”, other investors have recently sold
off large amounts of ETH. According to analyst Ali Martinez,
108,000 ETH valued at $259.2 million have been transferred to
exchanges in the last day. This massive sale activity indicates a
heightened sentiment in the ETH market. Currently, Ethereum
trades at $2,399 following its recent price rally. However, its
daily trading volume has declined by 17.48% and is valued at $14.61
billion. If bearish sentiments persist, ETH could retrace to around
$2,200 at which lies its next significant price level. However,
amidst massive selling pressure, the altcoin could trade as low as
$1,600. With a market cap of $291.40 billion, Ethereum continues to
rank as the second largest cryptocurrency, with a market dominance
of 13.47%. Featured image from NullTX, chart from Tradingview
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