Ethereum Price Struggles After Metalpha’s $90M ETH Sale

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:

1. September 10 – 10K ETH worth $23 million
2. September 11 – 22K ETH worth $51 million
3. 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.

Frequently Asked Questions (FAQs)

1. Who is Metalpha and what is their impact on Ethereum price?

Metalpha is a Hong Kong-based crypto management company that has sold nearly 7,000 ETH worth $16 million, affecting Ethereum price.

2. What is the current trend in Ethereum price compared to Bitcoin?

Ethereum has underperformed compared to Bitcoin, with a year-to-date performance of -0.04% vs. Bitcoin's 31.25%.

3. What is the forecast for Ethereum price?

Ethereum price is likely to slide lower and stabilize around the $2,525 support level, with potential follow-up to Bitcoin's price movement.

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Akash Girimath

Senior Cryptocurrency Analyst & Market Strategist Engineer-turned-analyst Akash Girimath delivers data-driven insights on cryptocurrency markets, DeFi, and blockchain technology for platforms like AMBCrypto and FXStreet. Specializing in technical analysis, on-chain analytics, and risk management, he empowers institutional investors and retail traders to navigate market volatility and regulatory shifts. A hands-on strategist, Akash merges active crypto portfolio management with research on Web3, NFTs, and tokenomics. At AMBCrypto, he led cross-functional teams to redesign content frameworks, achieving record-breaking traffic growth through scalable editorial strategies. His analyses dissect market sentiment, investment strategies, and price predictions, blending macroeconomic trends with real-world trading expertise. Known for mentoring analysts and optimizing workflows for high-impact reporting, Akash’s work is cited across global crypto publications, reaching 500k+ monthly readers. Follow his insights on YouTube, X, and LinkedIn for cutting-edge perspectives on decentralized ecosystems and crypto innovation.

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