Ethereum Price Struggles After Metalpha’s $90M ETH Sale
Highlights
- Metalpha sells 6,999 ETH worth $16 million, reducing its holdings to 1.9K ETH worth $4.50 million.
- Ethereum price faces headwinds due to lack of buying pressure and yearly VWAP's lower limit of $2,417.
- Ethereum price forecast suggests a potential slide to $2,525 support level, with possible follow-up to Bitcoin's price movement.
Ethereum (ETH) price today trades at $2,356, up 0.72% on the day. However, Thursday could be a down day as Metalpha sold 6,999 ETH worth $16 million, on-chain data shows.
Metalpha Sells ETH, Cripples Ethereum Price Rally
Metalpha, a Hong Kong-based crypto management company, has offloaded another nearly 7,000 ETH worth $16 million. This is the third consecutive day that the Metalpha sold ETH.
Metalpha deposited 6,999 $ETH($16.4M) to #Binance again 1 hour ago.#Metalpha has deposited a total of 62,588 $ETH($145.1M) to #Binance in the past 6 days and currently holds 23.5K $ETH($55M).https://t.co/3hqVXQvHlu pic.twitter.com/3zVS4Irbmq
— Lookonchain (@lookonchain) September 12, 2024
This sale has reduced the crypto giant’s holdings to 1.9K ETH worth $4.50 million, according to data from Arkham, an on-chain analytics platform.
Here are some of the notable sales from Metalpha:
- September 10 – 10K ETH worth $23 million
- September 11 – 22K ETH worth $51 million
- September 12 – 6K ETH worth $16 million
In total, the Hong Kong asset manager has sold 38K ETH worth $90 million in just three days.
ETH Price Remains Grounded
ETH price has suffered a setback since 2024 and has underperformed relative to top altcoins. BTC’s year-to-date performance stands at 31.25% and ETH’s at -0.04%, which shows the disinterest among investors surrounding Ether despite the launch of spot Ethereum ETFs.
Furthermore Ethereum has not shown affinity to outperform ETH despite the 10% rally in Bitcoin (BTC) price since September 6. ETH currently trades around $2,333 and has failed to retest the key level at $2,500. The lack of buying pressure and the yearly Volume Weight Average Price’s (VWAP) lower limit of $2,417 pose headwinds to the uptrend.
Ethereum price forecast suggests ETH is likely to slide lower and stabilize around the $2,525 support level. If Bitcoin’s outlook improves and it attempts a rally to $60,000, the Ether prices could follow along. On the contrary, if BTC crashes, Ethereum could also collapse to $2,000.
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