Today, Ethereum’s price has started gaining momentum again , but recent movements by large investors are raising concerns about a potential decline in the cryptocurrency’s value. According to sources, whales have sold a significant amount of ETH on leading crypto exchanges Binance and Coinbase, which could indicate imminent market pressure and a price drop.
Reports indicate that whales have transferred around $60 million worth of ETH to exchanges, which could significantly impact the cryptocurrency’s price in the coming days. One whale, whose wallet address starts with “0x435…913ab,” sold 10,000 ETH, valued at approximately $26.1 million, on Binance. This address, as revealed by Arkham Intelligence, is linked to the Gnosis Safe Proxy wallet, associated with the company Metalpha.
Another major player, owning a wallet with the address “0x968…3c625,” transferred 12,675 ETH, valued at around $33.10 million, to Coinbase. These actions have sparked concern among market participants, who fear that these sales could triggere another drop in Ethereum’s price.
Meanwhile, well-known crypto expert Peter Brandt has issued a bearish forecast for Ethereum’s price. In a recent post on the social network X (formerly Twitter), he pointed out the completion of a 5-month rectangle pattern and the formation of a rising wedge on the intraday chart. Brandt believes these signals could foreshadow a price drop to $1,651, significantly lower than current levels. However, the expert also warns that chart patterns do not always work, with a failure rate of more than 50%. Despite this, he sees the current situation as an opportunity for a high-risk short trade, noting that he will close the position if ETH rises above $2,961.
In light of these developments, the Ethereum market is under close scrutiny from analysts and investors. Increased volatility is expected in the near future, which could lead to new opportunities for investors as well as significant risks.
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