{"id":422330,"date":"2024-09-11T14:00:39","date_gmt":"2024-09-11T08:30:39","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=422330"},"modified":"2024-09-11T11:17:49","modified_gmt":"2024-09-11T05:47:49","slug":"despite-23-5-mln-ethereum-dump-eth-remains-bullish-heres-why","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/despite-23-5-mln-ethereum-dump-eth-remains-bullish-heres-why\/","title":{"rendered":"Despite $23.5 mln Ethereum dump, ETH remains bullish &#8211; Here&#8217;s why"},"content":{"rendered":"<ul>\n<li><em><span style=\"font-weight: 400;\">Hong Kong-based Metalpha offloaded over 33,589 ETH worth $77.55 million to Binance in the past four days.<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\"><em><span style=\"font-weight: 400;\">Based on the historical price momentum, there is a high possibility that ETH could soar by 23% to the $2,700 level.<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Despite the ongoing market recovery, it appears that <a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\">Ethereum [ETH]<\/a> is poised for a significant price decline. Currently, both investors and institutions are bearish as they continue to dump ETH on exchanges.<\/span><\/p>\n<h2><b>Institutional selling spree<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On the 10th of September, on-chain analytic firm <a href=\"https:\/\/x.com\/lookonchain\/status\/1833334908951138557\">Lookonchain<\/a> noted on X (formerly Twitter) that Metalpha, a Hong Kong asset management giant, had dumped 10,000 Ether worth $23.45 million to <a href=\"https:\/\/ambcrypto.com\/predictions\/binancecoin-price-prediction\" target=\"_blank\" rel=\"noopener\">Binance [BNB]<\/a>. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">The firm offloaded over 33,589 ETH worth $77.55 million to Binance in the past four days.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But despite the notable dump, the asset manager still held a significant 51,300 ETH, worth $120 million, at press time.\u00a0<\/span><\/p>\n<h2><b>Are whales moving away from ETH?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Recently, a prominent crypto expert made a post on X, stating that Ethereum whales have stopped accumulating ETH since early July. Instead, they have either been selling or redistributing their ETH holdings. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This indicates a lack of interest from investors and whales in the past few weeks.<\/span><\/p>\n<figure id=\"attachment_422335\" aria-describedby=\"caption-attachment-422335\" style=\"width: 1800px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GW9ClmYWgAEp_vh-1.jpg\"><img decoding=\"async\" class=\"wp-image-422335 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GW9ClmYWgAEp_vh-1.jpg\" alt=\"Whales and institutions activity\" width=\"1800\" height=\"1013\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GW9ClmYWgAEp_vh-1.jpg 1800w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GW9ClmYWgAEp_vh-1-300x169.jpg 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GW9ClmYWgAEp_vh-1-1024x576.jpg 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GW9ClmYWgAEp_vh-1-768x432.jpg 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GW9ClmYWgAEp_vh-1-1536x864.jpg 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/GW9ClmYWgAEp_vh-1-1200x675.jpg 1200w\" sizes=\"(max-width: 1800px) 100vw, 1800px\" \/><\/a><figcaption id=\"caption-attachment-422335\" class=\"wp-caption-text\">Source: X<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">However, if whales and institutions continue with significant ETH dumps, there is a high possibility that it could trigger a massive sell-off in the coming days.\u00a0<\/span><\/p>\n<h2><b>Key levels to watch for<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">AMBCrypto&#8217;s look at Ethereum showed encouraging signs. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Notably, the king of altcoins may experience an upside rally due to the current bullish divergence on its Relative Strength Index (RSI). Additionally, it has found support at the crucial $2,150 level.\u00a0<\/span><\/p>\n<figure id=\"attachment_422333\" aria-describedby=\"caption-attachment-422333\" style=\"width: 1814px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-10_18-25-48-e1725972999206.png\"><img decoding=\"async\" class=\"wp-image-422333 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-10_18-25-48-e1725972999206.png\" alt=\"Ethereum technical analysis\" width=\"1814\" height=\"797\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-10_18-25-48-e1725972999206.png 1814w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-10_18-25-48-e1725972999206-300x132.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-10_18-25-48-e1725972999206-1024x450.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-10_18-25-48-e1725972999206-768x337.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-10_18-25-48-e1725972999206-1536x675.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/ETHUSDT_2024-09-10_18-25-48-e1725972999206-1200x527.png 1200w\" sizes=\"(max-width: 1814px) 100vw, 1814px\" \/><\/a><figcaption id=\"caption-attachment-422333\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Based on the historical price momenta, whenever ETH&#8217;s price reaches this support level, it always tends to experience a massive price surge of over 23%. This time, there is a similar expectation is that ETH could soar to $2,700.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, this bullish outlook thesis will only work until ETH maintains itself above the crucial support level of $2,150 level.<\/span><\/p>\n<h2><b>Bullish on-chain data<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">On-chain data also supported the bullish outlook. Coinglass\u2019s ETH Long\/Short Ratio Chart stood at +1.424 at press time, the highest level in the past week, indicating traders&#8217; bullish sentiment.<\/span><\/p>\n<p><span style=\"font-weight: 400;\"> Additionally, ETH&#8217;s Futures Open Interest increased by 2.5%, indicating that traders are potentially betting more on long positions.\u00a0<\/span><\/p>\n<figure id=\"attachment_422334\" aria-describedby=\"caption-attachment-422334\" style=\"width: 1765px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/oihgjnk.png\"><img decoding=\"async\" class=\"wp-image-422334 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/oihgjnk.png\" alt=\" long\/short ratio \" width=\"1765\" height=\"452\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/oihgjnk.png 1765w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/oihgjnk-300x77.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/oihgjnk-1024x262.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/oihgjnk-768x197.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/oihgjnk-1536x393.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/oihgjnk-1200x307.png 1200w\" sizes=\"(max-width: 1765px) 100vw, 1765px\" \/><\/a><figcaption id=\"caption-attachment-422334\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">A positive Long\/Short Ratio and increased Open Interest signals potential buying opportunities. At press time, 58.75% of top ETH traders held long positions, while 41.25% held short positions. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">This suggested that bulls were dominating the asset, and have the potential to liquidate short positions.<\/span><\/p>\n<hr \/>\n<p style=\"text-align: center;\">Read <a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\">Ethereum&#8217;s [ETH] Price Prediction<\/a> 2024\u20132025<\/p>\n<hr \/>\n<p><span style=\"font-weight: 400;\">At press time, ETH was trading near the $2,350 level, having experienced a price surge of over 2.35% in the last 24 hours. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">Its trading volume increased by a modest 14% during the same period, suggesting higher participation from traders amid the market recovery.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Metalpha, a Hong Kong asset management giant, dumps 10,000 ETH, worth $23.45 million, to Binance.\u00a0<\/p>\n","protected":false},"author":97,"featured_media":422452,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[31,32,66,3,4,20],"tags":[6427],"class_list":["post-422330","post","type-post","status-publish","format-standard","has-post-thumbnail","category-altcoins-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Institution offloads $23.5 mln of Ethereum, But bullish signs persist<\/title>\n<meta name=\"description\" content=\"Metalpha, a Hong Kong asset management giant had dumped another 10,000 Ether worth $23.45 million to Binance.\u00a0\" \/>\n<meta name=\"robots\" content=\"index, follow, max-image-preview:large\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ambcrypto.com\/despite-23-5-mln-ethereum-dump-eth-remains-bullish-heres-why\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Despite $23.5 mln Ethereum dump, ETH remains bullish - Here&#039;s why - AMBCrypto\" \/>\n<meta property=\"og:description\" content=\"Metalpha, a Hong Kong asset management giant, dumps 10,000 ETH, worth $23.45 million, to Binance.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ambcrypto.com\/despite-23-5-mln-ethereum-dump-eth-remains-bullish-heres-why\/\" \/>\n<meta property=\"og:site_name\" content=\"AMBCrypto\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cryptoamb\" \/>\n<meta property=\"article:published_time\" content=\"2024-09-11T08:30:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/09\/eth-webp-5.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1792\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"Chandan Gupta\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:site\" content=\"@CryptoAmb\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Chandan Gupta\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"ReportageNewsArticle\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/despite-23-5-mln-ethereum-dump-eth-remains-bullish-heres-why\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/despite-23-5-mln-ethereum-dump-eth-remains-bullish-heres-why\\\/\"},\"author\":{\"name\":\"Chandan Gupta\",\"@id\":\"https:\\\/\\\/ambcrypto.com\\\/#\\\/schema\\\/person\\\/867ebcdd8a8f0ccf1ee9692a9613986d\"},\"headline\":\"Despite $23.5 mln Ethereum dump, ETH remains bullish &#8211; 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