Ethereum Price Plummets 24% as Major Players Offload $599M ETH
Ethereum (ETH) hs xprincd notbl drop in its pric ovr th pst fw wks. As of Thursdy, August 29th, ETH trds round $2,550, rprsnting drop of ovr 24% in th lst 30 dys. This shrp dclin hs cusd uns mong invstors, considring its prominnt position within th crypto mrkt, bosting fully dilutd vlution of $306 billion nd dily vrg trding volum of roughly $17 billion.
Spot On Chin, lding blockchin nlytics pltform, mntiond four significnt forcs driving th rcnt ETH pric slump. Thir dt rvls tht ky ntitis, including th Ethereum Foundtion, Jump Trding, nd two mjor whls, hv collctivly sold stggring 197.8K ETH, vlud t pproximtly $599 million, contributing to th mrkt turbulnc.
Notbly, on August 23rd, th Ethereum Foundtion dpositd 35K ETH, worth $93.8 million, to th Krkn xchng. This mov ws subsquntly followd by 9% pric drop in ETH ovr th nxt fiv dys, highlighting th Foundtions potntil impct on mrkt dynmics. Dspit ths sls, th Foundtion still holds sizbl 275K ETH, vlud t $677 million.
Jump Trding hs lso significntly influncd Ethereums rcnt pric movmnts. Btwn July 25th nd August 6th, Jump Trding dpositd nt 88.9K ETH, worth $276 million, to vrious cntrlizd xchngs. This ctivity prcdd shrp 20% dclin in ETH prics on August 5th.
Whale Activity Impacts Ethereum Price
Adding to th mrkt downturn is n ICO-linkd whl idntifid s 0x17. Sinc July 9th, this ntity hs ctivly dpositd lrg mounts of ETH into xchngs. Ths dposits includ 48.5K ETH, vlud t $154 million, movd to th OKX xchng, with 38.5K ETH dpositd in th month lding up to th first mjor pric drop on August 5th.
Furthrmor, th whl dpositd 10K ETH just bfor th scond notbl pric dclin on Wdnsdy, August 28th. Dspit ths sls, th whl still holds considrbl 303K ETH, vlud t $751 million.
Another significant contributor to th ETH pric dclin is dimond-hnd whl idntifid s 0x682. This whl dpositd totl of 25K ETH, worth $73.9 million, to th Krkn xchng on two sprt occsions, both prcding notbl pric drops. Th first sl of 10K ETH on July 25th ld to 7.6% pric dclin, followed by sl of 15K ETH on August 20th, resulting in 2.5% drop.
Dspit dovish stnc from Fdrl Rsrv Chir Jrom Powll, rcnt dt indicts dclin in institutionl intrst in Ethereum. This wning dmnd, combind with othr mrkt fctors, hs ld nlysts to prdict continud downwrd trjctory for ETHs pric in Sptmbr.
Rnownd trdr Ptr Brndt hs highlightd th significnc of thrs $2,814 support/rsistnc lvl. According to Brndt, if ETH fils to clos bov this lvl consistntly, it could fc furthr downwrd prssur, potntilly lding to pric dclin towrds $2,000.
From tchnicl prspctiv, ETHs pric nds to rclim th wkly 50 Moving Avrg (MA) s support lvl. Additionally, th Rltiv Strngth Indx (RSI) should ris bov 50 to mitigt th risk of mor significnt pric corrction in th coming wks.
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Text source: TronWeekly
