ETH Whale Moves $16M Across Exchanges, Fading Momentum Ahead
A significant Ethereum whale has moved $16.1 million worth of ETH to multiple cryptocurrency exchanges. Whale 0xd0A4 deposited 6,000 ETH across OKX, Kraken, Gate, Bybit, and Binance within the last hour. The transactions are likely intended for selling purposes, according to on-chain data from @lookonchain.
The current price of Ethereum sits at $2,696.99, which falls inside its Bollinger Bands with upper resistance at $2,790.2 and lower support at $2,637.6. The cryptocurrency's technical indicators show a mixed picture, as the bullish structure holds above the EMA50 at $2,644.81 and EMA200 at $2,449.33. However, the MACD death cross at 9.18 signals fading momentum, while the RSI remains neutral at 52.74.
Past whale activity has often been followed by short-term price pressure in Ethereum, with some instances even triggering crypto market corrections last year.