Yesterday, on April 12, 2024, amidst a significant downturn in the overall cryptocurrency market, four crypto whales and institutions dumped a substantial amount of Ethereum onto the world’s largest cryptocurrency exchange, Binance. On April 13, 2024, an on-chain analytics firm, Lookonchain, posted on X (previously Twitter) that during the previous day’s market drop, these crypto giants had dumped over 31,683 Ethereum worth $106 million onto decentralized exchanges (DEXs).
Whales massive ETH deposit to DEXs
In the Ethereum dump, Cumberland deposited 17,206 ETH worth $57.3 million into DEXs. However, another institution, Alameda Research/FTX, deposited a massive 2,500 ETH worth $8.33 million onto Binance. Meanwhile, wallet addresses 0xC3f8 and 0x1717 deposited a substantial 7,976 ETH worth $26.6 million and 4,000 ETH worth $13.32 million, respectively, onto Binance and other DEXs.
Crypto giants and institutions have been closely monitoring ETH deposits on DEXs since April 9, 2024, when ETH was near its resistance and Gold reached its all-time high. Currently, Ethereum’s ETH is trading near $3,262, and in the last 24 hours, due to the massive sell-off, it experienced a price drop of over 7%.
Looking at ETH’s performance over a longer period in the last 7 days, Ethereum experienced a modest 2% downside momentum. Whereas, in the last 30 days, ETH experienced a significant 20% downside momentum, with prices plunging from $3,990 to the current $3,262 level.
Ethereum’s technical analysis and upcoming levels
According to expert technical analysis, following the massive fall, Ethereum found support from a strong demand zone near the $3,150 level and is currently attempting to gain upside momentum. However, this demand zone is crucial; if breached, we may see a significant fall to the $2,700 level in the coming days. Otherwise, if market sentiment remains stable, there is a high chance that ETH will reach the $3,650 level.
It is important to understand that the cryptocurrency market is highly unpredictable due to several factors, including regulatory uncertainty, the potential impact of seemingly minor events on prices and the overall market, inflation or CPI data, and many other factors.
