Daily Crypto Analysis – Ethereum Tumbles, Whales Leave $1,600 in Wake.
22 Sep 2023
In the world of cryptocurrency Ethereum, a massive whale’s actions have caught the attention of on-chain analytics. This significant player has recently moved 5,040 ETH, valued at $8.17 million, out of the market, following a pattern of substantial withdrawals. While such moves may signal different intentions, they raise concerns in the crypto community, particularly as Ethereum price faces downward pressure. Meanwhile, in the broader cryptocurrency landscape, Bitcoin retraces its steps from early 2022, hinting at potential long-term declines, while XRP shows promise as it tests a key supply zone at $0.5174.
Massive Ethereum Whale Continues to Keep Selling, Shifting 5,040 ETH.
An enormous ETH move by a huge holder, or whale, is reported by an on-chain analytics firm in the most recent hours.
A sizable ETH whale removed 5,040 ETH worth $8.17 million from the cryptocurrency market. The whale has taken out 24,548 ETH worth $40 million from Binance since September 5 at an average withdrawal cost of $1,631.
While withdrawals may indicate a desire to accumulate, depositing assets on an exchange typically implies a desire to sell.
Ethereum is now trading daily lower and has lost the $1,600 level. The most recent price decline comes after whales, or large holders, switched their holdings of ETH to cryptocurrency exchanges, raising worries about further price decreases.
- MA 5: 1595.44 | Negative Crossover | Bearish
- MA 20: 1613.18| Negative Crossover | Bearish
- MA 50: 1622.38 | Negative Crossover | Bearish
- MA 5: 1593.78 | Negative Crossover | Bearish
- MA 20: 1621.81| Negative Crossover | Bearish
- MA 50: 1616.78 | Negative Crossover | Bearish
RSI (Relative Strength Index): 39.55| Sell Zone |Negative
Stochastic Oscillator: 7.07 | Sell Zone | Neutral
Resistance And Support Levels:
- R1: 1656.39| R2: 1721.67
- S1: 1580.52 | S2: 1515.24
Overall Sentiment: Bearish | Market Direction: Sell
Trade Suggestion: Stop Sell: 1561.47 | Take Profit: 1515.76 | Stop Loss: 1594.82.
Elsewhere In the Crypto Market
The price of bitcoin is still retracing its steps from January 2022, which suggests a significant fall in the long run. The XRP price outlook is positive as the asset tests the $0.5174 supply zone.
Bitcoin is up (0.15%) at 26,604.50, Ethereum is up (0.67%) at 1,594.44, Litecoin is up (2.78%) at 64.75, Solana is up (0.41%) at 19.63, Dogecoin up at (0.55%) at 0.62 as of writing time.
Key Economic Events & Data Release Today:
(GBP) BoE Interest Rate Decision (Sep) Forecast 5.50%, Previous 5.25% at 16:30.
(USD) Service PMI (Sep) Forecast 50.6, Previous 50.5 at 19:15.