Ether price set to drop more? Celsius’s $35M move adds to selling pressure - CryptoCrazeNews

Ether price set to drop more? Celsius’s $35M move adds to selling pressure

Ether price set to drop more? Celsius’s $35M move adds to selling pressure

Ether price set to drop more? Celsius’s $35M move adds to selling pressure

Currently, the overall cryptocurrency industry is continuously falling following the approval of the spot Bitcoin Exchange Traded Fund (ETF). On January 23, 2024, an on-chain analytic firm, Lookonchain, highlighted that following the price drop across the crypto industry, it was found that the Celsius wallet is also dumping a significant amount of its Ethereum holdings. 

Celsius Wallet dumps over $35 million worth of ETH

According to Lookonchain’s post on X (previously Twitter), in the past 10 hours, Celsius has dumped (deposited) over 15,000 Ethereum worth around $35.5 million. Additionally, for these significant deposits, Celsius has used two different platforms: Coinbase, where it deposited over $30 million worth of Ethereum, and FalconX, where it has deposited over $5 million worth of Ethereum. 

Despite these significant deposits on Coinbase and FalconX, Celsius’s 2-staking wallet currently holds 557,081 Ethereum worth around $1.3 billion.

However, this major dumping of Ethereum was observed when Ethereum experienced a breakdown of the strong demand zone and was trading below the 200 Exponential Moving Average (EMA) in a 4-hour time frame. This technical term might be what Celsius used to justify dumping this huge amount of Ethereum. 

Ethereum technical analysis and potential bearish golden crossover

According to expert technical analysis, Ethereum on the daily time frame gives a strong breakdown of the horizontal line, and currently, it is finding support from its 50 EMA. In a 4-hour time frame, Ethereum looks completely bearish as it is trading below the 200 and 50 EMA, and it seems to be forming a bearish golden crossover, which is a negative sign. 

Following this breakdown and bearish sentiment across the crypto industry in the coming days, we may see Ethereum at a $2,150 level with more than an 8% downside momentum. Besides Ethereum, currently, Bitcoin has also experienced a breakdown and is undergoing downside momentum.

Apart from all the dumping in the market, some whales still see this price as an opportunity, as many investors across the world are currently dumping Ethereum due to negative price action and an overall negative sentiment. 

Lookonchain, in a separate post on X, mentions that a few whales have continuously accumulated Ethereum. According to the post, these crypto whales, in the last 24 hours, have accumulated 26,841 Ethereum worth around $64.5 million from different cryptocurrency exchanges, including Binance, Kraken, and Bitfinex.

As of writing, Ethereum is trading near $2,343, and in the last 24 hours, it experienced over a 3.3% downside momentum. If we look at Ethereum over a longer period, in the last 7 days, it experienced over a 7% downside momentum, and in the last 30 days, it only experienced a 2% upside momentum.

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