The recent transfer of 129,392 ETH worth $313 million has significantly impacted the Ethereum market, raising concerns among traders and investors.
Large Ethereum Transfer
The cryptocurrency Ethereum faced substantial selling pressure after a transfer of 129,392 ETH from a dormant wallet to Coinbase. This transfer, detected by Whale Alert, occurred as Ethereum struggled to maintain its price above $2,400.
Technical Analysis Points to Possible Further Declines
The technical structure of Ethereum has deteriorated following the breach of the $2,362 support level. Concerns arise that sustained selling pressure may lead to tests of levels around $2,151 and $1,954, indicating a serious decline from recent price ranges.
Geopolitical Factors Compound Selling Pressure
Market conditions are exacerbated by rising geopolitical tensions, including conflicts in the Middle East and U.S. actions against Iran. These factors also influence overall investor sentiment, increasing fears of instability and further selling.
A short-term outlook on the Ethereum situation suggests a potential continuation of declines, given both internal factors from the large transfer and external environmental conditions.
