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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Ethereum (ETH) Price Drops Due Whale Selling, Key Levels To Watch

Jake Simmons
Jake Simmons
2 years ago
3 mins read
Ethereum Price Prediction 2023 2024 2025 2030

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Ethereum (ETH), the second largest cryptocurrency by market cap, experienced a price drop of over 3% within the last 24 hours. The reason is presumably a significant sell-off carried out by a prominent whale. The whale deposited 25,000 ETH (worth around $47.24 million) on Binance, only to withdraw a significant amount of USDT shortly afterwards.

As the on-chain data provider Lookonchain reports, the whale has probably already sold a part of his ETH. According to the on-chain data, the whale withdrew 16 million in USDT. “The drop in ETH price [a few hours] ago was most likely due to the sell-off of this whale,” the analysts note, further explaining that the whale still owns around 8,000 ETH ($14.7 million) unsold.

Nevertheless, ETH bulls continue to show strength. A look at the 1-hour chart of Ethereum reveals that the price has formed a bull flag. In technical analysis, a flag is a short-term consolidation pattern that occurs after a strong price move and indicates a temporary break in the trend.

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Ethereum Price Grinds Lower As The Bulls Take Back Seat

1 year ago

A bullish flag forms during an uptrend with the flagpole pointing upwards, followed by a consolidation phase before a possible continuation of the upward movement. For now, the pattern has held, ETH has bounced up from the 4H 200 EMA at $1,825. In this respect, the bulls remain in control (despite the whale) for the time being.

Ethereum ETH price
ETH bull flag, 1-hour chart | Source: ETHUSD on TradingView.com

Basically, two scenarios are conceivable. If the aforementioned support levels are broken to the downside, especially the underside of the flag, Ethereum could face a further price decline towards $1,750. Conversely, a breakout from the flag pattern to the upside (around $1,900) could trigger a price rise towards $2,000.

Related Reading

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Ethereum Poised To Break $2,000 As $12 Million Short Seller Nears Liquidation

2 years ago

However, according to analyst Ali Martinez, that’s where the price will hit Ethereum’s key supply wall, which is in the $2,000 to $2,060 range, where 832,640 addresses have bought over 26 million ETH. “If ETH can break through this resistance barrier, we can expect an upswing to $2,330 or even $2,750,” Martinez believes.

ETH In/ Out of the money around price
In/ Out of the money around price | Source: Twitter @ali_charts

Ethereum Options Expiry On Friday Confirms Outlook

The most important event this week for Bitcoin, Ethereum and the entire crypto market will be the expiration of over $7 billion in options tomorrow, Friday, June 30. The current options volume on the largest exchange Deribit is 14,107 calls, 9,445 puts and a put-call ratio of 0.67 for Bitcoin. For Ethereum, there are currently 76,776 calls, 39,779 puts and a put-call ratio of 0.52.

Options Volume [Deribit]$BTC: 📈Calls=14,107.70, 📉Puts=9,445.50, ⚖️Put-call ratio=0.67 $ETH: 📈Calls=76,776.00, 📉Puts=39,779.00, ⚖️Put-call ratio=0.52

— coinoptionstrack bot (@optionstrackbot) June 29, 2023

A put-call ratio below 1 typically means that the number of call options is higher than the number of put options, which indicates a more bullish market sentiment. In this case, the put-call ratio for ETH is 0.52, which means that there are more call options compared to put options. Thus, the ratio indicates that market participants are more prone to bullish bets on the ETH price.

Featured image from iStock, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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