Hashkey Capital Deposits 12,000 ETH Worth $47.18 Million to OKX

Ethereum's price has surged recently, attracting investor interest while some are taking profits. A wallet linked to Hashkey Capital deposited 12,000 ETH, valued at approximately $47.18 million, to OKX. This large deposit may indicate potential sell-offs, raising concerns about short-term downward pressure on ETH.

Current highlights include:

ETH trading near $3,880, up over 1.6% in 24 hours.
Over 60% increase in value over the past month, adding nearly $176 billion to market capitalization.
Institutional interest remains strong; SharpLink Gaming purchased $295 million in ETH.
Ethereum led crypto ETP inflows last week, totaling $1.59 billion, surpassing total inflows for 2024.
Analyst Michaël van de Poppe noted ETH is testing resistance levels against USD and BTC but lacks strong conviction.

Technical analysis indicates the following:

Price nearing upper band; potential pullback support around $3,430.
RSI suggests overbought conditions with possible corrections. Strong buying zones near $3,200.
A daily close above $3,940 could signal a rally towards $4,100.
MACD remains bullish but shows signs of slowing momentum.

ETH price chart with MACD | Source: Trading View

ETH price chart with MACD | Source: Trading View