In this ongoing choppy market, traders and investors are frequently experiencing ups and downs. Amid this ongoing fluctuation, on July 8, 2024, an on-chain analytic firm Spotonchain made a post on X stating that two smart traders turned bearish and dumped a significant 13,680 Ethereum (ETH) worth $41 million, as the market was recovering. Following this massive dump, it looks like ETH got impacted as it fell more than 4.5%.
Whale deposits $41 million worth of Ethereum
According to spotonchain data, one of the smart traders deposited all of his ETH holdings which was 6,440 ETH worth $19.5 million to the world’s biggest cryptocurrency exchange Binance, 21 hours ago. However, following this massive ETH deposit to Binance, this trader experienced an estimated loss of $2.65 million amidst the downturn but accumulated a substantial $20.6 million in cumulative profit from Ethereum trades.
Whereas other traders’ wallet address 0x742, deposited nearly 7,240 ETH worth $21.4 million to Kraken, and following this deposit ETH started to fall. As per the data, following this deposit, this trader made a huge profit of over $12.83 million, reflecting a remarkable gain of 149%. Additionally, this trader has held this massive ETH for over 1.5 years.
These recent deposits by these traders highlight the sentiment of the market which is still bearish.
Ethereum technical analysis and key levels
According to expert technical analysis, ETH is looking bearish and is currently at a strong support level of $2,850. However, the technical indicator signals bearishness for ETH. On a daily time frame, ETH is moving below the 200 Exponential Moving Average (EMA). If ETH on a daily time frame gives a candle closing below the support level of $2,850 then there is a high possibility that ETH may fall over 9% till the $2,600 level.
However, there is also a chance that ETH may bounce back if it gets support from the bulls. If ETH on a daily time frame gives a candle closing above the $3,080 level, then there is a high possibility that ETH following that closing hit the $3,250 level.
As of writing, ETH is trading near the $2,900 level and it experienced over 4% of the price drop. Following this price drop, the 24-hour trading volume jumped by 30% signaling a higher level of inventors’ and traders’ participation in ETH. If we look at the performance of ETH over a longer period, in the last 7 days it experienced a 16% price drop. Whereas, in the last 30 days, ETH lost over 20% of its value.
