In the ever-volatile cryptocurrency market, Metalpha, a prominent asset management firm based in Hong Kong, has been capturing the attention of crypto enthusiasts with its recent Ethereum (ETH) sell-offs. On September 11, 2024, the on-chain analytics firm, TheDataNerd, revealed in a post on X (formerly Twitter) that Metalpha had offloaded an additional 22,000 ETH worth $51.16 million to Binance. This move has led to increased curiosity among investors and traders regarding Metalpha’s latest transactions, especially given the substantial amount of ETH they have moved in the past week.
According to available data, Metalpha has offloaded a total of 56,188 ETH, valued at approximately $130.81 million, to Binance. This significant movement of assets has sparked various discussions and speculations within the crypto community.
Current Price Momentum
Despite the large-scale ETH dump by Metalpha, the Ethereum price remains unaffected. Currently, ETH is trading close to the $2,360 mark and has witnessed a modest price increase of 0.30% over the past 24 hours. Moreover, ETH’s trading volume has surged by 20% within the same timeframe, reflecting heightened participation from investors and traders amid the ongoing market uncertainty.
Ethereum Price Prediction
Expert technical analysis suggests a bullish outlook for ETH, with expectations of a potential rally in the near future. Following the breakout of a descending trendline on a four-hour chart, ETH is currently retesting its breakout level at $2,320. Furthermore, a significant resistance level exists around $2,400. Should ETH close a four-hour candle above this level, there is a strong possibility that it could surge towards the $2,570 and $2,800 levels.
According to Trading View, ETH’s Relative Strength Index (RSI) is currently in oversold territory, indicating a possible trend reversal from a downtrend to an uptrend.
Bullish On-Chain Metrics
The bullish sentiment is further reinforced by on-chain metrics. Coinglass’s ETH Long/Short ratio currently stands at 1.067 on a four-hour chart, signaling a bullish market outlook. Additionally, 51.84% of top ETH traders are holding long positions, while 48.16% are holding short positions. This data suggests that bulls are currently dominating the market, with the potential to force short positions to liquidate.
Overall, the current market dynamics and on-chain metrics paint a promising picture for Ethereum, despite the significant ETH sell-offs by Metalpha. As always, investors and traders should stay informed and exercise caution in the ever-fluctuating world of cryptocurrencies.
