A massive altcoin whale has moved over half a million Ethereum (ETH) to Binance after the merge was completed.
Whale moves $813M as ETH price drops to $1,500
Whale Alert, which monitors the biggest altcoin whales, has noticed that several Ethereum transfers with small interruptions between each other in the last 24 hours have carried more than half a million ETH.
Half of the total Ethereum was sent from an anonymous address to be sold on Binance. The transfer comes just one day after Ethereum’s long-awaited merge upgrade. As a result, a “sell the news” event brought to mind. Anonymous crypto addresses moved a total of 547,875 ETH. The largest transfer carrying 240,099 ETH (worth $357,901,283) was sent to the Binance exchange, most likely for sale. The rest of the transfers shifted around 100,000 ETH each.
🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 240,099 #ETH (357,901,283 USD) transferred from unknown wallet to #Binancehttps://t.co/viBJeoLeve
— Whale Alert (@whale_alert) September 15, 2022
After the Mere happened on Thursday, September 15, ETH, the native currency of the second largest blockchain, Ethereum, began to fall sharply. So far, ETH has lost just over 10%. It is currently trading at $1,452.32. As soon as the dive started, some analysts started talking about the merge becoming a “sell the news” event. So what does technical analysis say about Ethereum’s risk of further declines?
How strong is the leading altcoin for the $1,400 resistance?
The two-hour chart shows some resistance for ETH in the $1,700-1,720 region. Over the past few days, ETH managed to climb above this area but was rejected at $1,775. In early August, the $1,780 and $1,820 levels were key support and resistance levels. They have also proven once again that they are very important.
The yellow ascending trendline support above started on Tuesday. Meanwhile, it was possible for ETH to see a reaction from the trendline. Still, failing to hold $1,720 and $1,650 meant that the bias for ETH was bearish in the short term.
The RSI has dropped below the neutral 50 to once again reiterate the notion that Ethereum has near-term bearish momentum. The Stochastic RSI has also formed a bearish crossover in the overbought zone, suggesting that a downside move is likely soon. On the other hand, the Accumulation/Distribution (A/D) line continued to creep higher. It recorded higher lows to show that the buying volume was higher than the selling pressure.
cryptocoin.com As we have reported, SEC Chairman Gary Gensler made statements about the new ETH. Gensler discusses some concepts in staking.
