by - A large Ethereum whale has deposited $154 million worth of ETH on exchanges, sparking speculation about a possible sell-off.
- Ethereum’s RSI suggested a recovery from oversold levels, while the MACD suggested a possible bullish reversal.
ether [ETH] has experienced increased market activity recently, with notable transactions indicating potential market moves.
Among them, a whale has attracted attention, who initially acquired 1 million ETH at a price of $0.31 during the Ethereum ICO.
Accordingly LookonchainOn August 12, the whale deposited 5,000 ETH worth about $13.2 million to the OKX exchange.
This transaction followed a series of large deposits over the past month totaling 48,500 ETH, worth around $154 million at an average price of $3,176.
The continuous transfer of large amounts of ETH by the whale to exchanges has sparked discussions about a possible sell-off.
Historically, such moves are closely watched as they can be a sign of an impending change in market dynamics.
In addition, another whale transaction reported from Whale Alert, where 12,682 ETH, equivalent to approximately $32.3 million, were moved from an unknown wallet to Coinbase.
The move added to speculation that major shareholders may be preparing to divest their assets, especially in a market environment that has been marked by volatility in recent days.
Current market conditions
The price of Ethereum was volatile and was $2,598.65 at press time, down 3.32% over the past 24 hours but up 11.74% over the past week.
The price trend was in line with technical indicators and suggested a mixed outlook.
The Relative Strength Index (RSI) was at 38.64 at press time, indicating that ETH is recovering from an oversold position but remaining below the neutral threshold of 50.
This indicates a continued downward momentum, which, however, appears to be weakening.
Source: TradingView
In addition, the Moving Average Convergence Divergence (MACD) remained in negative territory.
The MACD line was slightly below the signal line and the histogram showed smaller red bars, indicating a possible bullish crossover.
This could indicate the possibility of further price recovery if the positive momentum continues.
Market sentiment and further impacts
Accordingly DefiLlamaThe total value locked (TVL) in the Ethereum ecosystem was $47.824 billion, with the stablecoin market cap being $79.913 billion.
In the last 24 hours, fees totaling $1.19 million were generated and revenue totaling $380,540.
Source: DefiLlama
The number of active addresses during this period reached 299,749, with 64,793 new addresses and 1 million transactions, indicating continued robust network activity.
Read Ethereum’s [ETH] Price forecast 2024-25
The latest Evaluation of AMBCrypto indicated a neutral sentiment in the Ethereum market, with the Fear and Greed Index reaching a reading of 38, which represents an increase from the extreme fear readings seen a week ago.
This change in sentiment indicates growing investor confidence, which could help ETH test and potentially break the $2,800 resistance level.
