Key control
Ethereum whales deposited millions in Binance and in short ETH in hyperlykide, since the price tested the key triangle support about $ 4,260. Will the bullish merchants dominate the resistance to $ 4,415 for a rupture rally?
Like Ethereum [ETH] Price moved sideways, some whales began to download their eth holdings. That is why this whale activity has generated concerns about a possible price decrease in the next few days.
Ethereum price at risk such as ETH whale download
Lookonchain shared data showing that the direction of the wallet of whale 0x3e38 showed 7,500 eth worth $ 32.33 million in Binance.
Source: x
Despite the remarkable liquidation, the whale wallet still had 7,702 ETH worth $ 33 million after removing 15,202 ETH between July 20 and August 12 to an average of $ 3,869.
This indicates that the whale is selling its ETH for earnings, since the price has continued to advance on the next week.
Meanwhile, another whale wallet address, 0xD8EF, deposited 3.25 million USDC in hyperlichid [HYPE] and opened short ETH positions with 25x leverage.
This private whale placed 3,000 ETH value of $ 12.98 million, with liquidation points placed at the level of $ 5.291.9.
ETH slips while merchants look at the key levels
Together, these movements highlighted the weakening feeling.
In the last 24 hours, ETH fell 1.20% to $ 4,306 at the time of publication. Not to mention that this decrease has caused an increase in the participation of merchants and investors.
Coinmarketcap data revealed that the 24 -hour ETH negotiation volume shot at 11% compared to the previous day.
This bearish whale activity coincided with ETH floating near the base of a descending triangle in the four -hour table. Ambcrypto’s analysis did not indicate that there is still no clear directional bias.
However, the 9 -day EMA crossed below the 15 -day EMA, showing a bearish signal.
Source: TrainingView
Since August 15, ETH has registered four of these crosses, each followed by a remarkable decrease, increasing the concerns of another fall.
And so, according to the recent price action, the downward impulse of ETH could only be activated if the price falls below the level of $ 4,260.
Now, if that happens, Ethereum can decrease even more than $ 4,000.
On the other hand, a rally could be possible if eth clear the resistance of the descending trend line and the obstacle at $ 4,415. If this occurs, ETH could rise by 10% and reach the level of $ 4,865.