Lookonchain speculates that the decline in ETH prices over the past few hours may be due to the selling of individual whales.Yesterday, the whale deposited 25KETH into the leading Cryptocurrency exchange
- Lookonchain speculates that the decline in ETH prices over the past few hours may be due to the selling of individual whales.
- Yesterday, the whale deposited 25KETH into the leading Cryptocurrency exchange.
- As of the time of publication, ETH prices fell by 0.93%, with a trading price of $1845.79.
Lookonchain, an online analysis platform, shared a message on Twitter yesterday that a whale has saved 25K Ethereum (ETH) into coins. In another article by Lookonchain, the platform explained that the drop in ETH prices over the past 11 hours is likely due to the selling of this specific whale.
It is estimated that approximately 8KETH of whales remain unsold. Lookonchain also revealed that a few hours ago, the same whale withdrew another $16 million in USDT. In the past two months, this whale has achieved a 100% success rate in trading ETH.
CoinMarketCap stated that as of the time of publication, ETH was still in a loss making state. After a price drop of 0.93% in the past 24 hours of trading, the value of the counterfeit coin is approximately $1845.79. This puts the trading price of ETH between the daily low of $1822.10 and the 24-hour high of $1867.28.
The drop in ETH prices over the past day has further reduced its weekly performance to -3.26%. At the same time, the 24-hour trading volume of the Cryptocurrency decreased by 23.46%, with a trading volume of about $6 billion.
From a technical perspective, as of the time of publication, ETH trading is between the 9-day moving average and the 20-day moving average. In addition, a major bearish technical signal is about to be triggered, with the daily RSI line expected to cross the daily RSISMA line.
The intersection of these two lines may lead to ETH prices falling to a key support level of $1797.56 next week. Traders and investors also need to pay attention to the 9-day and 20-day moving averages within the next 48 hours, as these two technical indicators are also expected to intersect. This will trigger another important bearish technical signal.
On the other hand, if ETH can close the candle above the 9-day moving average of $1847 in the next two days, then the bearish view will be invalidated. This may lead to the price of counterfeit coins climbing to $1926.60 next week.
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