Arthur Hayes Moves Millions: Is Ethereum Price About to Crash Below $3,000?

Ethereum price has dropped, falling over 10% in the past week as bearish sentiment continues. The asset recently failed to hold the $3,200 support level, prompting another downward move. 

Meanwhile,  the overall crypto market witnessed a decrease of 0.5% during the past day. This drop in prices brought the total weekly loss to 8.1%, mainly driven by the withdrawal of institutions’ investments and the fear that had grown. Bitcoin also went through a significant correction, dropping to less than $100,000 and being around $95,000.

Arthur Hayes’ Crypto Sell-Off Sparks Market Concerns

Arthur Hayes has reportedly sold large amounts of crypto this week, drawing fresh attention from market watchers. On-chain monitors have reported that he sold off roughly 1,480 ETH in the last two days. The transaction was worth $4.7 million and took place amid a weak market.

The last time he sold Ethereum was on August 1, which coincided with a market bottom. He later bought back ETH at a higher price nine days later. This pattern has sparked a debate on his recent moves again.

Different reports said that he is also selling off a few altcoins. According to the data, over $8 million worth of tokens were shifted to exchanges. This includes not just Ethereum but also some small-cap assets.

The event has stirred up speculation in the crypto community. While some traders are of the opinion that he is getting ready for a more extensive downturn.

Ethereum ETFs Face Heavy Weekly Investor Outflows

The latest Ethereum ETF data shows a sharp weekly downturn as investors withdrew $728.3 million from several major products. The daily numbers pointed to continuous redemptions done by different issuers, which in turn suggested there was overall caution in the market.

A top asset manager was responsible to a large extent for the drop in sales as it sold off Ethereum worth $421.4 million. All the funds, regardless of their different fee structures and staking characteristics, experienced constant outflows during the week.

Could Ethereum Price Slip Below $2,900 if Bulls Fail to Regain Control?

The latest ETH price crashed at $3,180, with a 1% decrease over the past 24 hours.

The MACD line crossed over to the plus side of the signal line, which was indicative of the early signs of sentiment improvement. Furthermore, the histogram slightly changed to green, which suggested a very gradual change in the momentum.

The MACD value remained in the negative range, thus indicating that the buyers still have a tough time ahead to recover. The RSI was around 48, which meant that the market was neutral after being weak for quite some time.

Ether must clear $3,300 to confirm a bullish shift as the full Ethereum forecast report. An effective breakout could clear the way to $3,420 and then $3,550, where earlier price movements had stopped. If the momentum persists strongly over these price points, the next target for the upward trend could probably go up to $3,700.

The Ethereum price outlook, not being able to break higher, could result in the price moving back to $3,050. More intense selling could result in the price dropping to $2,900, which is the final significant support level before more severe losses occur. 

A clear fall below this area could set off a wider bearish trend and lead to more downward pressure on ETH.