Ethereum Whale Sells 10,070 ETH for $33 Million Amid Market Decline
An Ethereum whale sold 10,070 ETH for $33 million in stablecoin Dai, incurring a $1 million loss. Three weeks prior, the whale withdrew 24,029 ETH worth $81 million from Binance and now holds 13,959 ETH valued at $45.48 million.
Key points include:
- Ethereum's price has dropped over 15% this week.
- ETH futures open interest fell 9%, from $32 billion to $29.12 billion.
- Large transactions exceeding $100,000 increased by over 70%.
- The Relative Strength Index (RSI) indicates growing selling pressure.
- The Moving Average Convergence Divergence (MACD) shows signs of a bearish crossover.
- Trading volumes spiked around the whale's sale, causing reduced market depth.
- Over 82% of active contracts on Binance are long on Ethereum.
Currently, Ethereum is priced at $3,108, marking a 4% drop in 24 hours and a 15% decline over the week. Despite these challenges, mid-term recovery potential remains if broader market trends shift positively.