Today, on April 9, 2024, the world’s second-biggest cryptocurrency, Ethereum, is experiencing a price surge of nearly 3% in the last 24 hours despite a massive ETH dump on Coinbase. This surge coincides with Alameda Research dumping a huge 4,000 ETH worth around $14.75 million onto Coinbase.
Alameda Research dumps $14.75 mln of ETH
Recently, the on-chain analytic firm spotonchain made a post on X (previously Twitter) stating that the cryptocurrency trading firm Alameda Research’s wallet address, 0xf02, deposited a massive 4,000 ETH worth around $14.75 million onto Coinbase at an average price of 3,688. This dump on the Coinbase cryptocurrency exchange marks the single largest ETH dump by FTX and Alameda since the market rally in February 2024.
Additionally, since February 1, 2024, FTX and Alameda have dumped nearly 21,650 ETH worth around $72.4 million onto Coinbase, averaging at the $3,343 level. Despite this substantial ETH deposit on CEX (Centralized Exchange) since February 1, 2024, Ethereum’s price has soared nearly 60%, indicating strong interest from investors, traders, and asset management firms.
Currently, Ethereum is trading near $3,658, experiencing over a 3% upside momentum in the last 24 hours. Looking at Ethereum over a longer period, in the last 7 days, besides price correction, Ethereum still managed to gain an 8% upside momentum. However, in the last 30 days, ETH experienced nearly a 7.5% downside momentum.
Ethereum technical analysis and key levels
According to expert technical analysis, Ethereum in a 4-hour time frame has given a breakout and candle closing above the strong resistance level near $3,640. Currently, it’s retesting the breakout level. If Ethereum’s price fails to sustain above the $3,610 level, there is a high chance it will fall to the $3,470 level near the 200 EMA (Exponential Moving Average). However, if it sustains above the $3,610 level, there is a high chance that it will hit the $3,870 level.
Besides Ethereum’s strong performance, currently, top cryptocurrencies like Bitcoin, Solana, Binance Coin, Ripple, Dogecoin, and many others are strongly struggling and experiencing massive price falls. However, recently, a prominent trader and ex-CEO of BitMEX predicted that pre or post-Bitcoin halving, BTC price will massively fall.
