The cryptocurrency market retained its bearish sentiment during Friday’s U.S. market session as Bitcoin price extended correction below $100k and Ethereum price fell below $3,500. As onchain data shows ETH whales exiting their position, the coin price could delay an immediate recovery.
According to Coinmarketcap, the ETH price trades at $3,380 with an intraday loss of 0.91%. Consecutively, the asset’s market cap fell to $407 Billion, while the 24-hour trading volume is at $123.5 Billion.
Key Highlights:
- A substantial transfer of borrowed ETH to the Binance exchange hints crypto whales are opening a short position in Ether.
- The Ethereum price breakdown below the 20-and-50-day exponential moving average hints negative shift in market sentiment
- A bearish breakdown below $3,500 could invalidate the bearish thesis.
Bearish Bets? ETH Whales Shift 45,800 ETH to Binance
In a recent tweet, EmberCN highlights two significant Ethereum transactions that sparked speculation about potential shorting activity by whales or institutions. Over the past 10 hours of reporting, a total of 45,800 ETH, valued at approximately $154.71 million, was borrowed from the Aave protocol and subsequently transferred to Binance.
The first address, 0xc09…819, borrowed 34,000 ETH ($114.85 million) and moved it to Binance within six hours. Similarly, another address, 0xb99…cf5, borrowed 11,800 ETH ($39.86 million) in the past 10 hours and completed a similar transfer to Binance.
这两个巨鲸/机构是在卖空 ETH 吗？他们在最近 10 小时里从 Aave 借了 4.58 万枚 ETH ($154.71M) 然后转进币安。
1⃣0xc09…819 地址在最近 6 个小时里借了 3.4 万枚 ETH ($114.85M) 转进币安；https://t.co/g7drmlvJLK
2⃣0xb99…cf5 地址在最近 10 个小时里借了 1.18 万枚 ETH ($39.86M)… pic.twitter.com/MXGkoBcR3Z
— 余烬 (@EmberCN) December 20, 2024
These transactions indicate that smart money could be expecting a further correction in Ethereum price and thus opening up a new short position.
Ethereum Price: Double Top Pattern Hints Major Breakdown
The daily chart analysis of the Ethereum price shows the formation of a double-top reversal pattern. This chart setup resembles the letter ‘M’ and is often spotted at major market tops.
Amid the recent market downturn, the altcoin gave a decisive breakdown from the pattern’s neckline support of $3,500 on Thursday. If the theory holds, the ETH price could retest the breached trendline as potential resistance before continuing the downward trend.
With sustained selling, the coin price could plunge 14% to retest the $2,900 floor.
On the contrary, if the price rebounds above $3,500 in the retest phase, the buyers could regain their control over this asset.
Also Read: Ethereum Foundation’s Strategic Sales Continue to Predict Market Tops, Latest Sale Precedes 17% Drop