The crypto hedge fund moves $60 million in Ethereum to an exchange, which raises fears of a sell-off.
Ethereum is the second largest cryptocurrency by market capitalization and has been on a tear since its launch in 2015. However, it looks like the crypto hedge fund that moved $60 million worth of Ethereum to an exchange has raised fears of a sell-off. Read more in detail here: ethereum price.
On shorter timeframes, once Ethereum’s price retests a major resistance level, it is likely to become overbought, resulting in sell-offs.
On May 30, the native currency of Ethereum, Ether (ETH), jumped more than 5% to over $1,930. However, a large influx of ETH into one exchange is raising fears of another sell-off in the ETH/USD pair.
Also see: The Indian government is considering imposing a “reverse charge” tax on overseas cryptocurrency exchanges.
FTX got 58.7K Ether in May.
On-chain data suggests that on May 30, an Ether address purportedly linked to Singapore-based crypto hedge firm Three Arrow Capital deposited 32,000 ETH worth $60 million to the FTX crypto exchange in one hour.
After transferring 26,700 ETH to the same exchange in May, it aroused fears that the fund might sell Ether. The main reason for this is because investors only send cryptocurrency to exchange wallets when they want to trade it for other assets.
Is it possible to get rid of eeth? https://t.co/7xdI80P8rZ
30 May 2022 — Tim Copeland (@Timccopeland)
The quantity of Ethers owned by exchanges continued to fall in May, according to Glassnode’s on-chain statistics.
Investors are hanging on to their ETH investments for the long term, according to MTD statistics, as seen by the month-to-date reduction in ETH balance across the world’s crypto exchanges (MTD).
On exchanges, there is a balance of Ethereum. Glassnode is the source of this information.
The ETH comeback is becoming stronger.
As Three Arrow moves a large amount of Ether to FTX, ETH is testing a major support-turned-resistance level at $1,920 for a breakout.
Four-hour price chart for ETH/USD. TradingView is the source of this information.
Furthermore, Ether’s relative strength index is nearing 70, which in technical analysis signals overbrightness. In the next days, it’s also feasible that ETH may stabilize around $1,920 before dropping back to its rising trendline support at $1,850.
Also see: Is it still safe to buy in cryptos after the Luna crash?
As depicted below by “Wolf,” a pseudonymous market expert, a firm rise over $1,920, backed by an increase in trading volumes, might set up a long-term rising trend.
The “ethereum price usd” is a blog that focuses on the cryptocurrency market. The blog published an article about a crypto hedge fund moving $60 million in Ethereum to an exchange, which raised fears of a sell-off.
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