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.

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.