• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Sensei Inu Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Win 8.88 BTCTry
  • Play Casino GamesTry
  • Play FinanceTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: BREAKING: Valkyrie Secures Green Light For Ethereum Futures ETF, Trading Launching Tomorrow
Ethereum Price Prediction 2023 2024 2025 2030
Sensei Inu Logo

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

Jake Simmons by Jake Simmons
3 months ago
in Ethereum
Reading Time: 3 mins read

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.

Related Reading: Ethereum Price Grinds Lower As The Bulls Take Back Seat

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

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
Tags: DeribitETHethereumFlagOptionswhales
Tweet123Share196ShareSend
Jake Simmons

Jake Simmons

Jake Simmons has been a Bitcoin enthusiast since 2016. Ever since he heard about Bitcoin, he has been studying the topic every day and trying to share his knowledge with others. His goal is to contribute to Bitcoin's financial revolution, which will replace the fiat money system. Besides BTC and crypto, Jake studied Business Informatics at a university. After graduation in 2017, he has been working in the blockchain and crypto sector. You can follow Jake on Twitter at @realJakeSimmons.

Related Posts

Ethereum

Is The Ethereum Winter Over? L2 Exploding, ETH Futures ETF Launches

3 hours ago
Bitcoin (BTC) and Ethereum price (ETH)

Ethereum’s Price Vs. Bitcoin: Can Upcoming ETH Futures-Based ETFs Turn The Tables?

23 hours ago
Ethereum ETH Gate

ETH Gate Saga Continues: What Is Lubin’s ‘Piece Of Paper’?

1 day ago
Ethereum open interest

Ethereum Open Interest Barrels Past $5.2 Billion, Is It Time To Buy?

2 days ago
Ethereum

Ethereum Liquid Staking Protocols Hit New Milestone Following Massive Inflows

2 days ago
Ethereum

Ethereum Funding Rates Turn Deep Red, What Does It Mean?

3 days ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Press Releases

  • Comprehensive Analysis of the Interactive Brokers Platform

    6 hours ago
  • The Rise of Bitcoin Spark: How It Challenges the Dominance...

    13 hours ago
  • Microsoft AI Picks Tradecurve Markets (TCRV), Terra Classic...

    13 hours ago
  • Bulls Are All In For Everlodge (ELDG), Why Are Litecoin...

    14 hours ago
  • Discover Tradecurve Markets (TCRV): The Solution to Stellar...

    14 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
    • Gambling
      • Crypto Casinos
      • Real Money Casinos
    • Casinos not on Gamstop
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Win 8.88 BTC
  • Play Casino Games
  • Play Finance

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.