Ethereum whales have dumped nearly 107,000 ETH worth $256.8 million to the exchanges in the past 24 hours. These dumps occurred when the overall market

Ethereum (ETH) whales’ recent actions have garnered massive attention from crypto enthusiasts as they dumped a quarter billion worth of ETH in the past 24 hours. This significant dump has raised questions among investors and traders.

Is the market about to crash or what, and why are whales and institutions dumping their ETH holdings? Let’s find out.

Whale Sent $257M of ETH to Exchanges

As reported by an on-chain analytics firm CryptoQuant, Ethereum whales have dumped nearly 107,000 ETH, valued at $256.8 million, to the cryptocurrency exchanges in the past 24 hours. This is a crucial indicator of selling pressure, as an exchange deposit usually signifies an intent to sell.

However, these significant dumps occurred when the overall market started to recover on October 5, 2024. Following this dump, ETH hasn’t faced any major price decline.

Ether Current Price Momentum

At press time, it is trading near $2,406 and has experienced a price decline of over 0.75% in the past 24 hours. Meanwhile, its trading volume has dropped by 46% during the same period, indicating lower participation from traders and investors, potentially due to the fear of price decline or market crash.

After a brief rally from the crucial support of $2,100, Ether’s price faced resistance at $2,445 and failed to break through it. Currently, ETH is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend. The 200 EMA is a technical indicator used to analyze the asset whether it is in an uptrend or downtrend, and traders and investors make decisions based on that analysis.

Ethereum Technical Analysis and Upcoming Levels

Ether is facing immediate resistance at $2,445, and a breakout from this level could lead traders to set up long positions. On the other hand, if ETH breaches the ascending trendline and closes a daily candle below the $2,335 level, it could lead to further price decline.

Based on the historical price momentum, if ETH breaches the trendline and closes a daily candle below the $2,335 level, there is a strong possibility that it could experience a further price decline to the $2,200 level in the coming days.

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