Crash

Ethereum

Convergence

Bidesk

Divergence

<p>The post <a href="https://coinpedia.org/news/ethereum-price-crash-on-cards-25m-sell-off-sparks-fear-of-further-decline/" rel="noopener noreferrer nofollow">Ethereum Price Crash On Cards? $25M Sell-Off Sparks Fear of Further Decline</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a></p>
<p>Ethereum (ETH) faces potential bearishness as BlockTower Capital, a leading crypto venture capital firm, sold 9,232 ETH worth $25 million. According to LookonChain <a href="https://x.com/lookonchain/status/1823186492627484778" rel="noopener noreferrer nofollow">data</a>, the sale was executed across multiple platforms, including FalconX, Cumberland, Wintermute Trading, and B2C2 Group. This large liquidation has fueled concerns within the crypto community, especially as it coincides with a broader decline in institutional buying interest.</p>
<h2 class="wp-block-heading" id="h-ethereum-s-technical-indicators-signal-bearish-trends"><strong>Ethereum’s Technical Indicators Signal Bearish Trends</strong></h2>
<p>Ethereum recently faced rejection at the $2,700 resistance level, signaling possible bearish trends. The rejection aligns with the 78.6% Fibonacci retracement level, adding to the market’s bear state. However, the fear of death cross, indicated by the 50-day Exponential Moving Average (EMA) crossing below the 200-day EMA, suggests further downside risks. This technical pattern is often seen as a strong sell signal, prompting traders to reconsider their positions.</p>
<h2 class="wp-block-heading" id="h-whale-activity-deepens-market-worries"><strong>Whale Activity Deepens Market Worries</strong></h2>
<p>Adding to the concerns, a prominent Ethereum whale has been aggressively selling off large amounts of ETH. This whale, who acquired 1 million ETH during the Ethereum ICO at $0.31 per token, has offloaded 48,500 ETH, worth approximately $154 million, in the past month alone. This selling spree has intensified market fears, especially as it coincides with broader market instability and declining interest in Ether ETFs.</p>
<h2 class="wp-block-heading" id="h-the-plus-token-saga-and-its-impact-on-ethereum"><strong>The Plus Token Saga and Its Impact on Ethereum</strong></h2>
<p>Complicating matters further is the ongoing fallout from the Plus Token Ponzi scheme. Recent investigations revealed that significant Ethereum assets linked to the now-defunct Bidesk exchange have been transferred, with a portion of these assets being funneled through addresses connected to the Plus Token scheme. Last week, $63.1 million worth of Ethereum, seized about Plus Token, was transferred, coinciding with the whale’s latest dump of 5,000 ETH.</p>
<h3 class="wp-block-heading" id="h-potential-for-further-eth-price-decline"><strong>Potential for Further ETH Price Decline</strong></h3>
<p>Ethereum’s price hovers around $2,656 after its recent rejection at $2,700. The death cross, combined with a negative Moving Average Convergence Divergence (MACD) reading, suggests further bearish pressure. If Ethereum fails to hold the $2,500 support level, it could trigger a sell-off toward the $2,000 mark.</p>
<h3 class="wp-block-heading" id="h-rebound-possible-if-nbsp"><strong>Rebound Possible, If?&nbsp;</strong></h3>
<p>Despite these bearish indicators, there is a possibility for a rebound. Historically, Ethereum is showing a pattern similar to past bull cycles, which could lead to a breakout to a new all-time high in the fourth quarter. If Ethereum manages to breach the immediate $2,700 hurdle, it could ignite a rapid upward price movement, potentially leading to a new bullish phase with targets toward $3,000 and beyond. However, the current market sentiment remains cautious, with many traders preparing for potential further declines.</p>
<p><strong>Ethereum’s pricing issues: will strong fundamentals help it recover in September? Weigh in.</strong></p>

Ethereum Price Crash On Cards? $25M Sell-Off Sparks Fear of Further Decline

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