Ethereum

bullish

<ul>
  
 <li>Metalpha's recent sale of 37.5% of its ETH holdings could completely deplete its stash by week's end, intensifying market pressure.</li>   
 <li>The Ethereum Foundation's consistent sell-offs and Vitalik Buterin's ETH sales contribute to market volatility and a possible supply glut.</li>   
 <li>Despite ETH sell-offs, an ascending triangle pattern on Ethereum's chart hints at a potential bullish breakout opportunity ahead.</li> 
</ul>   
<p>Metalpha, an asset management based in Hong Kong, has sold off a sizable amount of its Ethereum (ETH). Because large market participants are to sell down their holdings, <a href="https://cryptonewsland.com/ethereum-foundation-and-vitalik-buterin-wallets-intensify-eth-selling-pressure/" target="_blank" rel="noreferrer noopener sponsored nofollow">Ethereum is under pressure</a>.</p>   
<p>The firm sold 37.5% of its ETH holdings in just four days. Consequently, Metalpha now holds only 51,300 ETH, valued at approximately $120 million. If the current pace of selling persists, it might be completely liquidated by week’s end.</p>   
<h3 class="wp-block-heading" id="h-surge-in-deposits-and-market-reactions"><strong>Surge in Deposits and Market Reactions</strong></h3>   
<p><a href="https://www.metalpha.net/" target="_blank" rel="noreferrer noopener nofollow">Metalpha</a> deposited 10,000 ETH, worth $23.5 million, to Binance. Metalpha has moved 33,589 ETH, or roughly $77.55 million, to the exchange in the last few days, so this addition fits into a bigger trend.</p>   
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   https://twitter.com/lookonchain/status/1833020339863118081 
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<p>Analysts and the larger cryptocurrency community have taken notice of this increase in deposits. The price of ETH could be affected by such massive transactions and experience momentary swings.</p>   
<p>There has been an increase in market volatility following the sale of the Ethereum Foundation and Vitalik Buterin's interests. The Ethereum Foundation has been selling its ETH consistently since the <a href="https://cryptonewsland.com/ethereum-etf-launch-ignites-market-with-2-2-billion-inflows/" target="_blank" rel="noreferrer noopener sponsored nofollow">spot Ethereum ETF launched</a>, according to recent data. This has potentially created a supply glut in the market.&nbsp;</p>   
<p>Similarly, Vitalik Buterin’s multi-signature wallet sold 760 ETH, generating $1.835 million at an average price of $2,414 per ETH. Despite rumors, Buterin insists that his sales have supported valuable projects rather than personal gains.</p>   
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   https://twitter.com/spotonchain/status/1832981226753532049 
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<h3 class="wp-block-heading" id="h-optimistic-outlook-and-technical-analysis"><strong>Optimistic Outlook and Technical Analysis</strong></h3>   
<p>ETH worth $700 million has been auctioned by the Ethereum Foundation since 2021. The firm uses these funds for blockchain development and IT projects. Additionally, Jump Trading, a speed trading hedge fund, also sold 17,049 ETH for $46.44 million in August 2024.</p>   
<p>On a more optimistic note, crypto analyst Michaël van de Poppe suggests that the ETH selling spree may be nearing its end. He highlights that Jump Trading’s sell-offs likely contributed to Ethereum’s 25% price drop since the ETH ETF launch.</p>   
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 <img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdg2kfedrp0aqX8kTM5J0rAPtefQ5EEpxkeS3-EWFHDlopXosXmgfxVH3KQNGCJEWBj_zSwVmbufxX3TepsnphBuYn9BBaxP6VnQrP_9cpaAyno_9WmyhhC_JyXqtZ23Nn7TiHaFaIr1uP3YfcCsVaCg2D_?key=kXi8iOlnU5zx-eCd4yrBOg" alt="">
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<p>The Ethereum price chart shows a declining trend with recent volatility. Currently priced at $2,327.3, Ethereum faces a resistance level of $2,514.3. An ascending triangle pattern is forming, suggesting a potential upward breakout. Traders should watch for a breakout above resistance or a drop below support for trade signals.</p> 
<p>The post <a href="https://cryptonewsland.com/ethereum-faces-pressure-major-sell-offs-and-market-volatility-shake-up-eth-prices/">Ethereum Faces Pressure: Major Sell-Offs and Market Volatility Shake Up ETH Prices</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Ethereum Faces Pressure: Major Sell-Offs and Market Volatility Shake Up ETH Prices

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