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The Ethereum price edged up a fraction of a percentage in the past 24 hours to trade at $2,940.22 as of 12:56 a.m. EST, with trading volume dropping 43% to $12.5 billion.
This ETH is under intense selling pressure after BlackRock deposited around 2,292 BTC ($199.8 million) and 9,976 ETH ($29.23 million) to Coinbase Prime, according to Arkham data quoted by Lookonchain.
The move has sparked bearish pressure, as moving tokens to an exchange is mostly a prerequisite of selling.
In a similar move, BitMEX co-founder Arthur Hayes deposited 682 ETH ($2 million) into Binance, a move which has been followed by him selling. According to data from Arkham Intelligence, as shown by Lookonchain on X, Hayes has sold a total of 1,871 ETH ($5.53 million) and bought ENA, PENDLE, and ETHFI.
Hayes had previously said that, “We are rotating out of $ETH and into high-quality DeFi names, which we believe can outperform as fiat liquidity improves.”
As these whales sell, Tom Lee’s BitMine, the largest corporate holder of Ethereum globally, has bought another $201 million. The firm now holds around 4.07 million ETH on its balance sheet, now worth around $11.97 billion.
The purchase is part of the company’s goal to hold 5% of ETH’s total supply, now standing at 3.36% of the altcoin king.
After a successful surge from the $2,174 support area in July, the ETH price soared to an all-time high of around $4,900.
The bulls, however, did not sustain this high, as investors started booking profits at this area, with the Ethereum price dropping through a sustained falling channel pattern.
This bearish pressure was further cemented by a death cross forming at around $3,547, where the 200-day Simple Moving Average (SMA) crossed above the 50-day SMA. ETH is now consistently trading below both the SMAs, which puts pressure on the asset.
Meanwhile, the Relative Strength Index (RSI) is trading within the low-to-mid 40s, which places ETH in an equilibrium, a signal that bears and bulls are in a fight for dominance at this level.
However, the Moving Average Convergence Divergence (MACD) indicator has created some uncertainty in this zone, after the blue MACD line crossed above the orange signal line. The green bars have diminished, which indicates weak momentum despite the MACD line forming a positive outlook.
Based on the ETH/USD chart analysis on the daily timeframe, the ETH price is currently at a crossroads, a signal that investors ought to be cautious.
If the price of Ethereum breaks the 0.786 Fibonacci Retracement level at $2,762, the next major support and a cushion against downward pressure is at the 1 Fib zone ($2,174).
Read more on InsideBitcoins.com
