Ethereum (ETH) investors should look out for a possible price dump as multiple whales have transferred ETH tokens to exchanges over the past day. According to a Twitter post shared by the whale tracking dashboard, Whale Alert, a whale transferred 21,299 ETH tokens, worth about $35,295,226, from an unknown wallet to Coinbase yesterday.
🚨 🚨 21,299 #ETH (35,295,226 USD) transferred from unknown wallet to #Coinbasehttps://t.co/o6xCLaMXUT
— Whale Alert (@whale_alert) August 27, 2023
After the first transfer, another whale decided to follow suit. Whale Alert shared in a second tweet earlier today that a whale transferred 24,000 ETH from an unknown wallet to OKX. The transferred ETH was worth approximately $39,618,881.
🚨 🚨 24,000 #ETH (39,618,881 USD) transferred from unknown wallet to #OKExhttps://t.co/CtiJ2L0AkI
— Whale Alert (@whale_alert) August 28, 2023
Over the past 24 hours of trading, CoinMarketCap indicated that ETH’s price had already slipped by 0.45%, which left the altcoin leader trading hands at $1,642.29. This meant that ETH was trading much closer to its daily low of $1,638.15 than its 24-hour peak of $1,659.27.
Meanwhile, there has been a 27+% uptick in ETH’s 24-hour trading volume, which left it standing at $3,099,613,132 at press time. With regards to the altcoin’s longer-term performance, it still had some work to do to recover as ETH was down 1.76% over the past week. Additionally, ETH’s price dropped by more than 12% over the past thirty days.
Daily chart for XRP/USDT (Source: TradingView)
From a technical standpoint, medium-term momentum was in favor of bears. At press time, the 20-day EMA line was positioned below the 100-day EMA line.
This suggested that the cryptocurrency’s price may continue to drop in the coming week. If this bearish thesis is validated, the leading altcoin’s price may be at risk of testing the $1,580 support in the upcoming 7 days.
However, if ETH is able to close a daily candle above the $1,690 resistance level, then the bearish thesis may be invalidated. Thereafter, ETH’s price could rise to $1,850 in the following few days.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.