- Lookonchain speculated that the drop in ETH’s price over the past few hours was likely due to a sell-off from a single whale.
- Yesterday, this whale deposited 25K ETH to the leading crypto exchange Binance.
- At press time, ETH was trading hands at $1,845.79 after a 0.93% price decrease.
The on-chain analysis platform, Lookonchain, shared in a twitter post yesterday that a whale deposited 25K Ethereum (ETH) to Binance. In a separate post from Lookonchain, the platform explained that ETH’s price drop over the past 11 hours was most likely caused by a sell-off performed by this particular whale.
It is estimated that the whale has about 8K ETH left unsold. Lookonchain also revealed that the same whale withdrew 16 million USDT again a few hours ago. Over the past two months, this particular whale has had a 100% win rate when trading ETH.
CoinMarketCap indicated that, at press time, ETH was still trading in the red. The altcoin was worth about $1,845.79 after a 0.93% price decrease over the past 24 hours of trading. This left ETH trading between its daily low of $1,822.10 and its 24-hour high of $1,867.28.
The drop in ETH’s price throughout the past day also pushed its weekly performance even further into the red to -3.26%. Meanwhile, the crypto’s 24-hour trading volume saw a 23.46% drop, which left it standing at around $6 billion.
Daily chart for ETH/USDT (Source: TradingView)
From a technical perspective, ETH was trading between the 9-day and 20-day EMA lines at press time. Furthermore, a major bearish technical flag was on the verge of being triggered, with the daily RSI line that was looking to cross below the daily RSI SMA line.
These two lines crossing may result in ETH’s price dropping to a crucial support level at $1,797.56 in the following week. Traders and investors will also want to keep an eye on the 9-day and 20-day EMA lines in the next 48 hours, as the two technical indicators were also looking to cross. This will result in another significant bearish technical flag being triggered.
On the other hand, if ETH is able to close the next 2 daily candles above the 9-day EMA line at $1,847, then the bearish thesis will be invalidated. This may result in the altcoin’s price climbing to $1,926.60 in the following week.
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