$97.7 Million Ethereum Dumped: Wallet Linked to Major Crypto Firm

According to Lookonchain, an on-chain analysis platform, a wallet linked to HashKey sold a big amount of Ethereum (ETH) worth $97.7 million. Over the course of 10 days, the wallet moved 50,115 ETH to exchanges Binance and OKX and withdrew about $102.5 million in Tether (USDT) and USD Coin (USDC).

Despite this huge sale, the price of ETH has increased by 1.26% in the last 24 hours, hitting $1,960.38. However, it stayed below $2,000, with a -4.35% weekly performance and a 31.25% reduction in daily trading volume.

ETH is currently in a negative price channel from a technical standpoint. 

If Ethereum's price drops below the $1,945 support level, it might fall to $1,830. Meanwhile, if it stays above $1,945 in the following 72 hours it might lead to a positive trend, potentially breaking above the descending price channel and making the $2,065 level a new support.

Below is a chart showing Ethereum's Price movement in the past 7 days https://coinpaprika.com/coin/eth-ethereum/