Exchanges witness Whale's Ethereum (ETH) sales exceeding $97 million

Ramona Galas
12 Dec 2023
HashKey wallet sells $97.7 million worth of Ethereum (ETH) causing a drop in price, but ETH has since increased by 1.26% in the last 24 hours, with a potential positive trend if it maintains a position over $1,945.

The sale of a large amount of Ethereum (ETH) worth $97.7 million by a HashKey wallet has made headlines. Over a 10-day period, the wallet transferred 50,115 ETH to Binance and OKX exchanges while withdrawing about $102.5 million in Tether (USDT) and USD Coin (USDC) stablecoins, as reported by on-chain monitoring platform Lookonchain.

Despite this significant drop, the price of ETH has increased by 1.26% in the last 24 hours to $1,960.38. However, it has not reached the $2,000 threshold, with a weekly performance fall of -4.35% and a significant 31.25% decrease in daily trading volume.

Currently, ETH is trading in a negative price channel ($1,952), which adds uncertainty to its trajectory. If the price falls below the $1,945 support level, it could drop further to $1,830. However, maintaining a position over $1,945 in the next 72 hours might clear the way for a positive trend.

This scenario could see Ethereum break out of the falling price channel, potentially establishing the $2,065 mark as new support.

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