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Whale Sells Off Ethereum, Causes Panic Among Crypto Investors
In a shocking turn of events, a prominent whale has dumped a massive amount of Ethereum (ETH) on the market. The sell-off, which occurred within the last 24 hours, caused panic among crypto investors and led to a price drop of over 3%.
The whale in question deposited 25,000 ETH (worth around $47.24 million) on Binance before swiftly withdrawing a significant amount of USDT. On-chain data provider Lookonchain reports that the whale has likely already sold off some of their ETH holdings. They withdrew 16 million USDT from their account, leading analysts to believe that this was the cause for the recent drop in ETH price.
Despite this setback, bullish sentiment remains strong among ETH supporters. A closer look at the charts reveals an interesting pattern – a bull flag formation. For those unfamiliar with technical analysis jargon, a bull flag is essentially a short-term consolidation pattern that occurs after a strong price move upwards.
This particular bull flag indicates that there may be temporary relief from downward pressure before another potential upward movement. The fact that ETH has bounced up from the 4H 200 EMA at $1,825 suggests that bulls are still in control (despite the whale’s antics).
So what can we expect next for Ethereum? There are two possible scenarios to consider. If support levels, especially the underside of the flag, are broken downwards, then a further price decline towards $1,750 could be on the horizon. On the other hand, if there is a breakout from the flag pattern to the upside (around $1,900), it could trigger a price rise towards $2,000.
Analyst Ali Martinez believes that reaching this key resistance level will not be easy for Ethereum. He points out that between $2,000 and $2,060 lies a significant supply wall where over 26 million ETH have been bought by 832,640 addresses. Breaking through this barrier would pave the way for an upswing to either $2,330 or even as high as $2
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figcaption id=”caption”>In / Out of money around price | Source : Twitter @ali_charts </ figcaption></ figure >
Ethereum Options Expiry Adds More Drama
If you thought things couldn’t get any more exciting in crypto land right now , think again. The expiration of over $7 billion in optionsSponsored Product tomorrow, Friday, June 30th , is set to shake up the market even further.
Deribit, one of the largest exchanges for crypto optionsSponsored Product trading , has seen a surge in activity leading up to this event. Currently, there are 14,107 calls and 9,445 puts for Bitcoin (with a put-call ratio of 0.67) . As for Ethereum , there are an astonishing 76,776 calls and 39,779 puts ( with a put-call ratio of 0.52).
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blockquote class=”twitter-tweet”>
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p dir=”ltr” lang=”en”>OptionsSponsored Product Volume [Deribit]$BTC: 📈Calls=14,107.70,
📉Puts=9,445.50,
⚖️Put-call ratio=0.67
$ETH: 📈Calls=76,776.00,
📉Puts=39</ p>
— coinoptionstrack bot (@ optionstrackbot ) June29th2023 </ blockquote >
A put – call ratio below1 typically indicates that investors have more bullish sentiment towards an asset . In this case , ETH’sput- callratioof0 .52suggests that tradersare leaningtowardsbullish bets onthe priceof Ethereum.</ p >
The expiry date could potentially bring about significant volatility in both BTC and ETH prices as these large positions expire or get rolled over into new contractsSponsored Product.The outcome will be closely watched by many eager eyes within the cryptocurrency community.
In Conclusion
Ethereum’s recent price drop caused by a whale sell-off has certainly rattled the market. However, bullish sentiment remains strong as evidenced by the bull flag formation on the charts. The upcoming options expiry event adds even more excitement and uncertainty to an already volatile market.
As always, it is important for investors to stay informed and keep a close eye on market developments. Who knows what surprises await us in the world of crypto?
