EtherFi Price Drops After Whale Dumps Tokens Worth $1.8M into Binance

• An EtherFi whale dumped 88K tokens onto the Binance platform in the last 4 hours. 
• The token recorded a 6.51% decline in daily trading volume according to CMC data.

The Ethereum-related token, EtherFi (ETHFI) showed notable price drops in the last 24 hours. While the token did take a hit from the recent market crash, this week witnessed a swift price recovery. However, on Friday, the token showed price declines after a particular wallet dumped 880 tokens worth $1.87 million onto the Binance platform. 

The wallet identified as “0x57C” dumped the ETHFI tokens in the Asian morning hours of Friday. Previously, the wallet received 10 million EtherFi tokens from the Etherfi team, three months ago. After the wallet moved the tokens to Binance, prices which had begun a bearish turn dropped even further. 

Moreover, the wallet address also transferred 300K EtherFi tokens to Binance Deposit a week ago. The wallet currently holds 8.82 million EtherFi tokens which is worth $18.43 million approximately. 

Notably, EtherFi showed a 5.97% daily decline in price according to CMC data. In the last 24 hours, the token was trading at a high of $2.2759. However, as the day progressed EtherFi showed price declines sliding to an intra-day low of $2.0568. Meanwhile, the token’s trading volume also showed a daily decline of 6.51%. At the time of writing the EtherFi was trading at $2.078.

Will EtherFi Overcome Current Selling Pressures? 

The EtherFi token was launched in March 2024, and since its initial price rally, the token has consolidated prices around the $3.00 to $4.00 levels. However, the past week witnessed further price declines driving the token to trade below $3.00. This price decline has fueled a selling pressure in the market as indicated by the token’s RSI standing at 32.66. 

ETHFI/USDT Daily Price Chart (Source: TradingView)

Moreover, the token’s long-term 21-day MA stands above the short-term 9-day MA highlighting the current bearish trend as per TradingView reports. Zooming out, over the past month, the token has shown price declines of a notable 43.55%. At the beginning of July, the token was trading at $3.021. 

As the overall market witnessed price declines, EtherFi also incurred sharp price declines hitting its all-time low at $1.77 on July 5. After the bearish trend, the token along with other cryptocurrencies showed signs of recovery as green candles began to spark. If the token’s price overcomes the current dip then it can be expected to take a bullish turn. 

Notably, prices climbed to weekly highs of $2.243 on July 8. However, the following days saw bearish movements. Meanwhile, in the overall market leading cryptocurrencies have shown signs of bullish trends. Relatedly, other digital assets such as the US spot Bitcoin ETFs have shown increasing amounts of inflows as investors are buying the dip. 

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