Ethereum whale dumps $26 million in ETH, targets $2,200

Ethereum, the world's second-largest cryptocurrency, is consolidating in a tight range after breaking a bearish rising wedge price action pattern on a daily time frame. During this ongoing consolidation, a crypto whale named Metalpha (Gnosis Safe Proxy address) transferred a significant amount of ETH to Binance.

Ether Whale sells $26 million worth of ETH

According to on-chain security firm Arkham, Metalpha recently transferred a whopping 10,000 ETH worth $26 million to cryptocurrency exchange Binance. This massive token transfer has attracted a lot of attention from crypto enthusiasts and could generate selling pressure.

Despite a notable token dump, the Ether whale still holds a sizable $148.46 million in cryptocurrencies. The holding includes PEPE, WSTETH, aEthwstETH, DAI, WBETH, and many more.

Ethereum Price Prediction

According to expert technical analysis, ETH has been in a downtrend since the beginning of August 2024. Moreover, it is trading below the 200 Exponential Moving Average (EMA) on a daily basis. Given the recent breakdown of the rising wedge price action pattern, there is a high possibility that ETH could drop by 15% to $2,200 in the coming days.

However, veteran trader Peter Brandt has already made a pessimistic prediction for ETH. According to his latest post, there is a high possibility that ETH could fall to the $1,600 mark. Meanwhile, the pessimistic market sentiment, the current price action pattern, and the significant dip have made ETH extremely bearish.

Ether Price Analysis

Despite the massive sell-off, Ether is currently trading near the $2,610 mark and has seen a 1.2% price increase over the past 24 hours. At the same time, trading volume has dropped by 47%, indicating less participation from traders in this highly volatile market. Furthermore, ETH's open interest has remained stable over the past 24 hours, suggesting no greater interest from investors amid ongoing selling pressure.