Ethereum Price: Traders Dump $109 Mln ETH Amid Price Correction, Slip Below $3K Looms?

In a riveting turn of events, following Ethereum’s most recent price correction witnessed within the broader crypto market, numerous traders appear to be offloading colossal amounts of ETH tokens. According to insights offered by the on-chain tracker Spotonchain, nearly 32.5K ETH was deposited to CEXs in the past 24 hrs, piquing significant attention.

This phenomenon birthed a tsunami of speculations on ETH’s price action ahead, as bearish market sentiments on the altcoin persist since it dipped remarkably following the recent topping of the $4k mark. Meanwhile, Ethereum’s market dynamics further showcased a bearish market trend for prevailing the token, curating inferences over a potential drop below the $3K mark ahead.

32.5K ETH Offloaded To CEXs

According to SpotOnChain’s data, three long-term traders deposited 32,527 ETH, worth $109 million, to CEXs in the past 24 hours. Aligning with this, the trader 0x213 deposited 12,500 ETH, worth $41.7 million, to Kraken. Whereas, the traders 0x50b and 0x435 deposited 11,600 and 8,427 ETH to Binance, collectively worth $67.3 million.

The abovementioned dump to CEXs additionally curated a tide of speculations surrounding the whales’ sentiment, questioning whether they thought the recent correction was still insufficient. Indicating a cautious approach, this action showcased whales’ anticipation of a more significant correction in the market before considering a buyback.

While in the interim, ETH continued to showcase a slump, coming as a plethora of reasons spotlighted by CoinGape yesterday. Notably, today’s massive offloading additionally aids this slump as ETH supply gains flourish on exchanges.

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Ethereum Price Plunges

As of writing, the Ethereum token’s price noted a substantial downfall of 5.18% in the past 24 hours. The token currently rests at $3,340, with a bearish stance as the market cap and 24-hour trading volume dropped by 5.28% and 2.12%, respectively.

The drop in the OI-weighted funding rate, coupled with a dip in the token’s open interest as of press time, further painted a bearish outlook for ETH, showcasing a lack of investor confidence in the asset. Moreover, the technical indicators showcased a selling sentiment within the market, with RSI at 45, adding on to bears’ control in the market with the asset neither being overbought nor oversold.

Meanwhile, CoinGape Media’s analysis showcased weakening support levels and vital resistance areas for ETH, illustrating a tough patch for the world’s secong most popular crypto’s rising price movements ahead. This collectively hinted at potential downward momentum for ETH in the short term, fueling speculations of a drop below the $3K mark as well.

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