{"id":416589,"date":"2023-07-07T17:21:50","date_gmt":"2023-07-07T17:21:50","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=416589"},"modified":"2023-07-07T17:21:50","modified_gmt":"2023-07-07T17:21:50","slug":"ethereum-whales-transfer-of-25000-eth-to-coinbase-sparks-price-dip-concerns-time-to-consider-chimpzee","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/ethereum-whales-transfer-of-25000-eth-to-coinbase-sparks-price-dip-concerns-time-to-consider-chimpzee","title":{"rendered":"Ethereum Whale’s Transfer of 25,000+ ETH to Coinbase Sparks Price Dip Concerns. Time to Consider Chimpzee?"},"content":{"rendered":"

Ethereum is <\/span>retracing today<\/span> as its recent rally fades. Its price has declined by 4% in the last 24 hours. <\/span>Although its trading volume is up by 31.41% at press time, most traders are likely in short positions today. <\/span><\/p>\n

Ethereum remains one of the most advanced blockchain networks in crypto, hosting other projects using smart contracts.<\/span><\/p>\n

ETH Whale Transfers Over 25,000 ETH To Crypto Exchange, Triggering A Potential Dip<\/h2>\n

According to a <\/span>report<\/span><\/a> from Whale Alert, 25,264 ETH, with an estimated value of $48 million, moved from an anonymous crypto wallet to Coinbase<\/a>. <\/span><\/p>\n

Also, another whale transferred <\/span>30,000 ETH<\/span><\/a> anonymously to the OKEX crypto exchange. These sizeable transfers can influence ETH’s price, with the current drop a likely effect of the whale movement.<\/span><\/p>\n

However, there are no certainties in the crypto market, and the asset’s price could also gain based on other factors. <\/span>ETH’s recent rally began on June 30 when it traded at $1,933.19, increasing from its former price of $1,852.23 on June 29.<\/span><\/p>\n

It maintained most of its price gains, moving to $1,924.57 on July 1, 2023. ETH traded at the $1900 price level with slight fluctuations until its eventual decline to $1,848 on July 6. <\/span><\/p>\n

Currently, it is trading at the $1,859 price level, and its 7-day high is $1,974. The price drop today indicates an increase in sell pressure on ETH tokens. <\/span><\/p>\n

ETH Price Outlook: Bears Force Retreat Despite Early Rally<\/h2>\n

ETH is in a downtrend today. Despite forming a green candle on the daily chart, the lower wick of the candle has dropped below its 50-day Simple Moving Average (SMA), a short-term bearish sentiment.<\/span><\/p>\n

\"Ethereum
Source: TradingView.com<\/figcaption><\/figure>\n

Also, its Relative Strength Index (RSI) value is 50.09 in the neutral zone between the overbought region of 70 and the oversold region of 30. <\/span>The RSI points upwards slightly, hinting at a possible recovery despite the bearish sentiment.<\/span><\/p>\n

ETH’s Moving Average Convergence\/Divergence (MACD) is below its signal line, confirming today’s prevalent bearish trend.<\/span><\/p>\n

Also, a red bar has formed on the MACD’s Histogram bar today due to ETH’s bearish price outlook. <\/span><\/p>\n

Although ETH is under bearish pressure, it trades above its 200-day SMA, hinting at a long-term rally.<\/span><\/p>\n

ETH Support And Resistance Levels<\/h3>\n

ETH is trading above the $1827.4 support level; the bearish pressure in the last few days could likely force a retracement to the $1778.1 support.<\/span><\/p>\n

However, the $12827.4 support held the price, and a retest of the $1908.5 resistance level remains possible. <\/span>ETH will likely continue its downtrend in the short term before the bulls rally again for a long-term recovery.<\/span><\/p>\n

Several factors could influence the price of a crypto asset. These factors might act independently or combine to affect the asset’s price pattern. Some of these factors are,<\/span><\/p>\n