Crash

Ethereum

Tornado Cash

Tornado

WazirX

A recent $11 million Ethereum transfer has raised alarm across the crypto market. This transaction, tied to the infamous WazirX hack, has fueled concerns about a potential market sell-off. Earlier today, hackers moved the substantial stash of ETH to the crypto mixer Tornado Cash. A well-known crypto analyst issued a dire warning for the leading altcoin amid these developments. 
<h2 id="eth-price-drop-fears-rise-after-large-transfers">ETH Price Drop Fears Rise After Large Transfers</h2> 
Blockchain intelligence firm Arkham reported that over $11 million worth of 5,000 ETH was transferred to a new address today. Shortly after, the address sent $1.2 million to Tornado Cash in five separate transactions. Tornado Cash is a service that allows users to obscure the origin and destination of funds on the blockchain, making it a favored tool for cybercriminals. Although the service isn’t illegal, its use in high-profile hacks like this one has drawn attention. 
This latest altcoin transfer follows the same hacker’s $4 million move last week. These transfers come amid growing concerns about large Ethereum sales in the market. For instance, as The Bit Journal has reported, Ethereum co-founder Vitalik Buterin transferred nearly $10 million worth of 3,800 ETH across two transactions on August 9 and August 30. Buterin’s wallet has been steadily selling off ETH, recently converting 760 ETH into $1.83 million USDC. Additionally, the Ethereum Foundation sold 450 ETH for $1.03 million in DAI, further stoking fears of price pressure on the altcoin. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-44012" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/ethereum-sales.webp" alt="Massive Transfers Spark Fear: A 70% Crash Looms for Ethereum! = The Bit Journal" width="850" height="686" title="Massive Transfers Spark Fear: A 70% Crash Looms for Ethereum! 25"> 
<h2 id="analyst-warns-of-a-potential-70-ethereum-crash">Analyst Warns of a Potential 70% Ethereum Crash</h2> 
Crypto analyst Justin Bennett&nbsp;warned that&nbsp;Ethereum is again testing the diagonal support of its rising channel formation. A rising channel indicates an asset is printing higher highs and higher lows. However, a breakdown is likely if the price drops below the lower support. Based on this, Bennett concludes: 
“This is a crucial moment for ETH. A bounce here is likely, but I still believe we’ll see much lower levels for Ethereum.” 
According to his chart, the analyst predicts that Ethereum will drop below its channel support, suggesting a decline toward the long-term trendline. Bennett elaborates: 
“A move toward $700 for ETH has been my base case for the past year. Time will tell.” 
A drop to $700 represents a more than 69% decline from current levels. As of writing, ETH is trading at $2,330. 
<img loading="lazy" loading="lazy" decoding="async" class="alignnone size-full wp-image-44013" src="https://thebitjournal.b-cdn.net/wp-content/uploads/2024/09/ethereum-graphic.jpg" alt="Massive Transfers Spark Fear: A 70% Crash Looms for Ethereum! = The Bit Journal" width="1549" height="807" title="Massive Transfers Spark Fear: A 70% Crash Looms for Ethereum! 26"> 
<h2 id="conclusion">Conclusion</h2> 
With significant market movements, ongoing concerns about large ETH sales, and grim forecasts from leading analysts,&nbsp;Ethereum’s future&nbsp;looks uncertain. Investors should closely monitor developments to navigate potential volatility in the coming weeks.

Massive Transfers Spark Fear: A 70% Crash Looms for Ethereum!

Table of Contents

The Bit Journal

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