Whale Dumps $30.8M Worth ETH on Binance as Market Tumbles 1.84%

  • Lookonchain tweeted earlier today that a whale dumped 16,751 ETH on Binance in the past 24 hours.
  • ETH’s price stood at $1,851.09 after it dropped 1.04% during the last day of trading.
  • Technicals suggested that ETH may drop below $1,840 in the next couple of days.

In the past few hours, a whale dumped 16,751 Ethereum (ETH), worth around $30.8M, following the latest market crash. According to a tweet by Lookonchain earlier today, the whale had sent the ETH tokens to Binance and exchanged the tokens for Tether (USDT). Shortly thereafter, the whale withdrew the entire 30.8 million USDT.

This whale’s activity took place at a time that saw the total cryptocurrency market cap drop 1.84% throughout the past 24 hours, according to CoinMarketCap. This brought the total down to approximately $1.17 trillion at press time.

Meanwhile, ETH’s price dropped 1.04% in the past day of trading. As a result, the leading altcoin was changing hands at $1,851.09 at press time. This 24-hour loss also dragged the cryptocurrency’s weekly performance further into the red to -2.81%.

Daily chart for ETH/USDT (Source: TradingView)

The altcoin dropped below the major support at $1,895 last Tuesday as its price fell from a high of $1,916.99 to close the day’s trading session off at $1,897.43. ETH’s price had attempted to reclaim the support level in the following 4 days, but was unable to close a daily candle back above the price point.

This series of rejections from the $1,895 mark led to ETH’s price dropping to below the 20-day and 50-day EMA lines over the past week, where it continued to trade at press time. If the bearish momentum continues, ETH may also lose the support of $1,840, which is confluent with the 100-day EMA line, in the coming 24-48 hours.

A break below $1,840 could result in ETH’s price dropping to as low as $1,795 before the end of the week. Conversely, if the cryptocurrency’s price rebounds off of the $1,840 support in the coming 48 hours, then it may look to retest the aforementioned $1,895 mark. Continued buying pressure may also thrust ETH towards $1,950.

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.

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