Ethereum Under Pressure – Analyst Bearish Outlook, Eyes on $2,200

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In this ongoing market sell-off, WazirX exploiter and Ethereum foundation have moved millions worth of Ethereum (ETH) and made the sentiment more bearish. Recently, the on-chain security firm CertiK Alert made a post on X (previously Twitter) that the exploiter transferred a significant 3,000 ETH worth $7 million to TornadoCash.

WazirX Hacker Shifting Millions of ETH

The security firm also noted that the exploiter is still in the process of transferring more ETH to TornadoCash. Currently, this exploiter holds 12,290 ETH in two separate wallets. In the first wallet address, “0x2d29,” they hold 2,000 ETH worth nearly $4 million, and in another wallet address, “0x58D,” they hold 10,290 ETH worth $24 million. 

Ethereum Foundation’s Big Moves

Additionally, the Ethereum Foundation sold 100 ETH for $241,000 DAI through decentralized exchanges. However, they also dumped 35,000 ETH worth $94 million to the Kraken on August 24, 2024, which was their largest ETH dump.

These recent transfers of millions worth of ETH by the exploiter and the Foundation have the potential to impact the ETH price. Currently, the market is quite sensitive, as investors and traders have panic-liquidated millions of their assets.

Ethereum Technical Analysis and Upcoming Level

According to expert technical analysis, ETH looks bearish. If it closes a daily candle below the $2,400 level, there is a high possibility it could fall to the $2,200 level or even lower. However, the Relative Strength Index (RSI) is in the oversold area, signaling the potential for a recovery. Given the current market sentiment and whale activity, such a recovery seems quite unlikely.

Source: Trading View

Currently, the major liquidation levels are near the $2,335 level on the lower side and $2,417 on the upper side as traders at these levels are over-leveraged, according to the on-chain analytic firm CoinGlass.

At press time, ETH is trading near the $2,370 level and has experienced a price drop of over 3% in the last 24 hours. Meanwhile, its trading volume has dropped by 25% during the same period, indicating lower participation from traders.