Whale Transfers of ETH Signal Potential Sell-Offs
Large transfers of ETH by major holders could be an early indication of possible sell-offs and repositioning.
RSI Shows Bearish Sentiment with Possible Decline
Ethereum’s Relative Strength Index (#RSI ) is currently at 47.33, indicating a bearish sentiment and potential for further decline. The global crypto market cap stands at $2.28 trillion, reflecting a 5.96% drop over the last 24 hours. This decline may be partly linked to developments in the U.S. election outlook, where Trump’s victory odds have dropped to 2.8%. This shift in election sentiment could impact market confidence, adding pressure on major cryptocurrencies, including #etherreum eum.
Ethereum Trades Around $2,511.96
Ethereum has fallen 5% over the past 24 hours and is trading at $2,511.96. ETH’s market cap is $302.46 billion, making up roughly 13.3% of the global crypto market. ETH trading volume has decreased by 3.9% over the past day to $21.04 billion, reflecting investor caution amid rising market uncertainty.
Increased Interest in Ethereum ETFs
This week, #EthereumETF inflows rose significantly to $13.65 million, the highest in the past seven days. In contrast, #bitcoin☀️ ETFs saw minimal inflows during the same period. Institutional investors are showing a preference for ETH exposure, likely due to Ethereum’s unique role in decentralized finance and smart contracts. These strong inflows indicate long-term confidence in Ethereum despite short-term market pressures.
Whale Activity and Technical Levels for Ethereum
Whale activity has recently impacted the ETH market. A large transfer of 13,162 ETH (about $33.1 million) was moved from an unknown wallet to Coinbase, potentially signaling a future sell-off. Another 20,000 ETH (approximately $50.4 million) was moved from Bitfinex to an unknown wallet, suggesting strategic relocations among major holders. Such movements often precede price shifts, as large transfers can affect liquidity and supply on the market.
Key Support and Resistance Levels for ETH
Technically, Ethereum’s immediate support is at $2,514, while the resistance stands at $2,576.94. Breaking above this resistance could push #ETH🔥🔥🔥🔥 toward $2,600, while a decline below support might lead to further drops to around $2,467. RSI at 47.33 shows a prevailing selling pressure.
Bearish Moving Average Crossover Signals Downside Risk
The 9-day moving average (MA) at $2,540.54 has fallen below the 21-day MA at $2,576.94, indicating a bearish crossover. This trend suggests continued downside risk, as Ethereum may struggle to break resistance without renewed buying momentum.
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