Ethereum

In a bullish market sentiment, the majority of top cryptocurrencies are experiencing an upside move. Amid this trend, a crypto whale was found depositing a massive amount of Ethereum to the centralized exchange Kraken. On May 20, 2024, an on-chain analytic firm, Spotonchain, made a post on X (previously Twitter) and shared the information that a giant whale address, 0x7f1, had deposited a massive 15,000 ETH worth $45.98 million to Kraken, with an average price of $3,065. Whale dump $46 million Ethereum 
This massive Ethereum deposit highlights the whale’s weaker interest or fear in Ethereum, leading to partial profit booking. According toSpotonchain, in early September 2022, when the overall cryptocurrency market was experiencing a downside move, this whale bought 120,874 ETH at an average price of $1,645. 
After this massive 15,000 Ethereum deposit, the whale currently holds over 105,874 Ethereum, with a significant profit of over $173 million, equivalent to an 87% return on the initial investment.
Additionally, this move comes near the strong resistance level that Ethereum has been facing since March 2024. At the current level, we may see either a breakout of the resistance level or a price reversal.
With this massive ETH dump, Ethereum is currently trading near $3,080, and in the last 24 hours, it experienced nearly 1% downside momentum. Over a longer period, Ethereum has shown a decent performance, with a price surge of over 5% in the last 7 days. However, in the last 30 days, Ethereum’s price has remained stable near $3,090. Ethereum technical analysis and key levels 
According to expert technical analysis, Ethereum is still in a bearish downward channel pattern and is currently experiencing resistance from this channel pattern. If Ethereum breaks out of this pattern on a daily time frame, we may see a bullish move to the $3,300 level in the coming days. Otherwise, Ethereum’s price could fall to $2,900. Source: TradingView 
Additionally, Ethereum looks weaker as the 24-hour open interest (OI) has reduced by 3%, highlighting a decrease in investors’ and traders’ interest in Ethereum. Despite Ethereum’s stability over a longer period, other top cryptocurrencies like Bitcoin, Solana, Tron, and Chainlink have experienced price surges of over 5%, 24%, 11%, and 20% respectively.

Ether whale dumps $46M of ETH, Can Ethereum hold $3K?

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