Ethereum (ETH) Experiences Price Drop Due to Whale Sell-Off
- A prominent whale deposited 25,000 ETH on Binance and subsequently withdrew a significant amount of USDT, leading to a 3% drop in the price of Ethereum.
- On-chain data suggests that the whale has already sold a portion of their ETH, but still holds around 8,000 ETH ($14.7 million) unsold.
Bullish Flag Pattern Indicates Strength for ETH Bulls
- The price of Ethereum has formed a bull flag pattern on the 1-hour chart, indicating a temporary break in the upward trend.
- If support levels are broken, Ethereum could face a further price decline towards $1,750. However, a breakout from the flag pattern to the upside could trigger a price rise towards $2,000.
- Analyst Ali Martinez believes that if Ethereum can break through the key resistance barrier at $2,000 to $2,060, it could lead to an upswing towards $2,330 or even $2,750.
Options Expiry on Friday Will Impact Crypto Market
- The expiration of over $7 billion in options on Friday will be a significant event for Bitcoin, Ethereum, and the entire crypto market.
- The current put-call ratio for Ethereum is 0.52, indicating a more bullish market sentiment and a higher number of call options compared to put options.
Overall, while a whale sell-off has caused a temporary price drop for Ethereum, the bullish flag pattern and the potential for a breakout to the upside suggest that ETH bulls remain in control. Additionally, the upcoming options expiry on Friday could have a significant impact on the crypto market.
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