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Cryptocurrency News Articles
Ethereum Whales Dumping Bags as Rising Wedge Pattern Emerges, Will ETH Price Correct to $2350?
Aug 21, 2024 at 01:30 am
Some of the largest Ethereum whales, holding over 10,000 ETH, have been on a coveted accumulation spree over the past month, with no signs of easing up.
The largest Ethereum (ETH) whales, those holding over 10,000 ETH, have been accumulating heavily over the past month. However, recent data from Glassnode shows that these whales might be changing their tune.
According to the data, the number of mega-whale addresses (those with a balance of over 10,000 ETH) has been steadily declining over the past month. At the beginning of March, there were around 140 mega-whale addresses. However, by the end of the month, that number had decreased to around 125.
This sell-off by Ethereum whales is a significant development. It could put downward pressure on the price of Ethereum in the short term. However, it is also possible that the demand from other investors will be able to offset the selling pressure from whales.
Ethereum: Rising Wedge Spotted
The second-largest altcoin has been facing bearish sentiment for quite some time. Renowned market analyst Ali Martinez recently suggested that ETH might be heading toward a price consolidation, citing a rising wedge pattern. This is typically a bearish technical indicator that usually precedes a price correction.
If the rising wedge pattern holds, ETH could experience a pullback toward the $2,350 support level. This potential correction could be further amplified by profit-taking investors and a prevailing bearish sentiment in the market leading to selling pressure.
It is important to note that technical analyses are not foolproof, and the situation may be more complex than it appears. However, the data does suggest that some of the largest Ethereum holders are selling off their coins, and this is something that investors should be aware of.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
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- Bitcoin Price Extend Gains Above $63,500
- Sep 23, 2024 at 12:15 pm
- Bitcoin price extended its increase above the $62,500 level. BTC was able to clear the $62,800 and $63,200 resistance levels to move further into a positive zone.
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- Royal Canadian Mint unveils new Gold Maple Leaf bullion coin made from single mine in northern Ontario
- Sep 23, 2024 at 12:15 pm
- The Royal Canadian Mint has introduced its latest Gold Maple Leaf bullion coin – made entirely from gold sourced from a single mine in northern Ontario.
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- BTC Miners Are Going Bust as the Market Realizes the Halving Myth Is a Lie
- Sep 23, 2024 at 12:15 pm
- Not long ago, CoinGeek reported on how Russian President Vladimir Putin warned that BTC miners were causing blackouts in certain regions.
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- Dogecoin Eyes 45% Gain as Price Attempts to Stage a Breakout from Its Long-Term Resistance Structure This Month
- Sep 23, 2024 at 12:15 pm
- According to the Dogecoin price outlook presented in a previous CNF post, traders were warned against taking long positions amid the consolidation as analysts believed Dogecoin could trade between $0.12 and $0.15 in the short term, with potential for a rise if it breaks resistance at $0.16.
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- Detailed Process for Claiming MON Token Airdrops
- Sep 23, 2024 at 12:15 pm
- Safety is paramount within the crypto industry. This post details typical frauds involving MON airdrops and gives guidance on how to steer clear of these scams.
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- Top 5 Cryptos to Buy in October 2024 – KAS, SOL, ADA, CYBRO, NEIRO [Updated List]
- Sep 23, 2024 at 12:05 pm
- October 2024 brings a fresh update on the standout cryptocurrencies poised for significant growth potential. This brief glance introduces five noteworthy contenders that are capturing attention: KAS, SOL, ADA, CYBRO, and NEIRO.
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- Extremely fine Congressional Gold Medal presented to Lieutenant Robert Henley sold for a hammer price of £180,000 at auction
- Sep 23, 2024 at 12:05 pm
- This was against an estimate of £40,000-50,000 at Noonans Mayfair on Thursday, September 19, in a sale of British, World Coins and Historical Medals.
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- Nervos Network (CKB) Investors Eye Mpeppe (MPEPE) Gaming Launch as the Next Big Profit Opportunity
- Sep 23, 2024 at 10:25 am
- The Nervos Network (CKB) community has been riding a wave of profits as the value of CKB continues to climb. As excitement builds, many in the community are looking for the next big opportunity—and they’ve found it in Mpeppe (MPEPE).
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- Hello Kitty's Limited-Edition 50th Anniversary Gold Coin Releases for Preorder
- Sep 23, 2024 at 10:25 am
- Via Sanrio's official Japanese website, Hello Kitty is receiving a new gold coin commemorating her 50th anniversary.