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Will WazirX Hacker Sell $202M In ETH Triggering Another Crash? – Crypto News
Ethereum price forecast shows that the asset remained stagnant in the past day. This comes as the WazirX hacker converted his loot into ETH. At 2:53 a.m. UTC, the attacker had accumulated $201.67 million in ETH. If the hacker, who on-chain sleuth ZachXBT suggests may be linked to the Lazarus Group, decides to sell his ETH, what will the market implications be?
Ethereum Price Forecast: Can $200M ETH Dump Upstage ETF Launch in 3 Days?
Ethereum price forecast remains stable despite the WazirX hacker consolidating the stolen crypto assets into Ethereum, probably because the Ethereum blockchain is the most liquid. ETH/USD price is trending above the 50-day and 200-day simple moving averages (SMA) in the 4-hour timeframe, which confirms that the bullish uptrend is still intact.
ETH is also inside a symmetrical triangle, forming a bullish pennant. The price of ETH is expected to trend inside this market structure over the weekend and into next week.
Technical indicators reveal some weakness from bulls, but the Ethereum price forecast remains optimistic.
The relative strength index (RSI) hit 60.68 on July 15 before retracing downward. It is currently near the RSI moving average, which may offer support from which to bounce. The current 57.49 RSI reveals ETH’s bullish momentum is decreasing. The Chaikin money flow (CMF) indicator supports the RSI, barely above the zero line, and shows signs of reducing buying pressure.
Ethereum price prediction shows the asset may bounce off between $3,400 and $3,500 over the weekend. A break to the upside of the symmetrical triangle may result in an 18% price upswing to $4,100. Conversely, the ETH price may find support at $3,300.
ETH ETF vs Sell-Off: Which Will Take the Day?
WazirX hacker’s intentions with the accumulated Ethereum are unknown for now. However, the market anticipates that the attacker may dump the loot at any moment. The news of the hack comes days before the launch of the Ethereum ETF on July 23.
Meanwhile, ETF issuers filed their S-1 final drafts on Wednesday, with Grayscale charging the highest fees. However, on Friday, the ETF issuer dropped its starting fee to 0.15% and will now be the cheapest, surpassing Franklin Templeton at 0.19%.
Bottom Line
The crypto market is on edge as the WazirX hacker’s potential sell-off of $202 million in Ethereum looms. This significant amount of ETH hitting the market could trigger a gloomy Ethereum price forecast, potentially leading to a broader market crash and upstaging the anticipated Ethereum ETF launch.
Frequently Asked Questions (FAQs)
The recent hack of the WazirX cryptocurrency exchange resulted in a loss of approximately $235 million. This includes significant amounts of various cryptocurrencies, such as $96.7 million in Shiba Inu (SHIB) and $52 million in Ether (ETH).
Grayscale has announced a full fee waiver for their Ethereum Mini Trust for up to $2 billion in inflows or for the first six months, whichever comes first. This reduction makes the Ethereum Mini Trust significantly more competitive in the market, aligning it with other low-fee or zero-fee promotional offers from competing Ethereum ETFs.
There is still high likelyhood that Ethereum price will soar above $5,000 in the coming days especially after the launch of spot ETH ETFs.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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