Ethereum Well drops $26 million in ETH, eyes $2,200
Ethereum, the world's second-largest cryptocurrency, is consolidating in a narrow range following the breakdown of a bearish rising wedge price action pattern on the daily time frame. During this ongoing consolidation, cryptowell Metalpha (Gnosis Safe Proxy address) transferred a significant amount of ETH to Binance.
Etherwell inherited $26 million worth of ETH
According to on-chain security firm Arkham, Metalpha recently transferred a whopping $26 million worth of 10,000 ETH to the Binance cryptocurrency exchange. This massive token transfer has received a lot of attention from crypto enthusiasts and may cause selling pressure.
Despite the popular token dump, Etherwell still holds a whopping $148.46 million in cryptocurrencies. The portfolio includes PEPE, WSTETH, aEthwstETH, DAI, WBETH and more.
Ethereum price prediction
According to expert technical analysis, ETH has been trending lower since early August 2024. Additionally, the daily time frame is trading below the 200 moving average (EMA). With the recent breakout of the rising wedge price action pattern, there is a high probability that ETH may drop 15% to $2,200 in the coming days.
However, veteran trader Peter Brandt shared his views on ETH. According to his latest post, there is a high possibility that ETH will fall to the $1,600 level. Meanwhile, bear market sentiment, the current price action pattern and a significant dump have made ETH extremely vulnerable.
Ether price analysis
Despite the massive dump, Ether is currently trading at the $2,610 level and has seen a 1.2% increase in price over the past 24 hours. Meanwhile, the trading volume has decreased by 47%, which shows that the participation of traders in this very volatile market is low. Additionally, open demand for ETH has remained relatively stable over the past 24 hours, suggesting no interest from investors amid continued selling pressure.
