Ethereum Price Could Sink to $1,500, Here’s Why

The post Ethereum Price Could Sink to $1,500, Here’s Why appeared first on Coinpedia Fintech News

Ethereum (ETH) is facing significant selling pressure from whales and institutions, signaling a potential major price drop. On September 7, 2024, the overall cryptocurrency market experienced a notable price decline including Bitcoin (BTC) and Ethereum (ETH) resulting in continuous sell-offs by whales and institutions.

In the last 24 hours, over 63,538 ETH worth $141.7 million has been sold on centralized exchanges including Binance and Kraken, as reported by the on-chain analytic firm. Data shows that in during the Asian market institutions like Wintermute and Metalpha have dumped a massive 46,947 ETH and 8,088.8 ETH worth $104.74 million and $18.05 million respectively.

50 minutes ago, #Wintermute did deposit 46,947 $ETH (~$104.74M) to #Binance.

Institutions and MMs have dumped $ETH frequently since #ETH_Foundation started selling $ETH.

Address:https://t.co/MiN6N0btps pic.twitter.com/vZiDLYOuCx

Meanwhile, whale wallet addresses “0xa531,” “0xce9,” and James Fickel, the founder of the Amaranth foundation have dumped 2,500 ETH, 3,003 ETH, and 3,000 ETH worth $5.56 million, $6.7 million, and $6.64 million, respectively, before the opening bell of U.S. stock market.

James Fickel, founder of the Amaranth Foundation, recently sold another 3,000 $ETH ($6.64M) for 124.04 $WBTC at average prices of $2,213 for ETH and $53,504 for WBTC.
This sale occurred within the past 18 hours to repay his loan on #AAVE .

Wallet address: