WazirX Hacker Shifting Millions of ETH
Amidst the current market sell-off, an exploiter associated with WazirX and the Ethereum Foundation have been involved in significant transactions involving millions of dollars worth of Ethereum (ETH), further deepening the bearish sentiment in the market.
The on-chain security firm CertiK Alert recently revealed that the exploiter transferred a substantial 3,000 ETH valued at $7 million to TornadoCash. The firm also highlighted that the exploiter is in the process of moving more ETH to TornadoCash, with a total of 12,290 ETH spread across two separate wallet addresses. The first wallet address, “0x2d29,” contains 2,000 ETH worth almost $4 million, while the second address, “0x58D,” holds 10,290 ETH valued at $24 million.
Ethereum Foundation’s Big Moves
In addition to the exploiter’s activities, the Ethereum Foundation has also been making significant moves in the market. The Foundation recently sold 100 ETH for $241,000 DAI through decentralized exchanges. Furthermore, on August 24, 2024, they dumped a staggering 35,000 ETH worth $94 million on the Kraken exchange, marking their largest ETH sell-off to date.
These substantial transactions by both the exploiter and the Ethereum Foundation have the potential to influence the price of ETH in the market. The current market environment is highly volatile, with investors and traders resorting to panic-selling their assets.
Ethereum Technical Analysis and Upcoming Level
Technical analysts suggest that ETH is currently exhibiting a bearish trend. If the price closes below the $2,400 level, there is a likelihood of further decline towards $2,200 or lower. However, the Relative Strength Index (RSI) indicates an oversold condition, hinting at a possible recovery in the near future. Despite this, the prevailing market sentiment and whale activity make a recovery seem improbable.
Based on data from Trading View, the key liquidation levels are observed around $2,335 and $2,417, as traders at these levels are deemed to be highly leveraged, as per insights from the on-chain analytics firm CoinGlass. As of the latest data, ETH is trading near $2,370, having experienced a 3% price drop in the last 24 hours. Additionally, trading volume has decreased by 25%, indicating reduced trader participation in the market.
