The cryptocurrency market continues its downward momentum. In such conditions, institutional investors are choosing to sell their assets.
Institutional Ethereum Sale
On August 26, 2024, on-chain analytics firm Lookonchain reported that two institutions sold over 12,882 Ethereum (ETH) worth $35.3 million to centralized exchanges including Binance and Kraken. According to Lookonchain, Amber Group and Cumberland are the institutions that dumped Ethereum. Amber Group moved 6,443 ETH worth $17.62 million to Binance and Kraken, while Cumberland deposited 6,439 ETH worth $17.99 million to Binance.
Ethereum Price Prediction
According to technical analysis, Ethereum looks bearish as it is trading below the 200 EMA on a daily timeframe. Additionally, it is forming a bearish rising wedge, and there is a high chance it could soon break out. If the sentiment remains bearish and ETH breaks below the $2,645 level, it could decline by 12% to the $2,310 level.
Positions and Liquidation Levels
Data from on-chain firm CoinGlass suggests that institutions’ and investors’ interests are gradually reducing. ETH’s open interest has dropped by 1% in the past hour and by 2.3% in the last four hours. Bearish sentiments are also evident among traders, with short positions significantly outnumbering long positions. Major liquidation levels are near the $2,680 and $2,775 levels. If the sentiment remains bearish and the price drops to $2,680, nearly $119 million worth of long positions will be liquidated. Conversely, if the price rises to $2,775, nearly $289 million worth of short positions will be liquidated.
The conclusions indicate that bearish sentiments dominate the market, potentially leading to additional selling pressure on Ethereum.
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