Key takeaways<\/strong>:<\/p>\n Ethereum risks a 25% drop toward $1,600 after failing to break above a multi-year technical resistance.<\/p>\n<\/li>\n A whale moved over $237 million in ETH to exchanges, aligning with rising ETH inflows into Binance over five straight days.<\/p>\n<\/li>\n Wallet data suggests large ETH holders are redistributing or offloading, adding to bearish pressure.<\/p>\n<\/li>\n<\/ul>\n Ethereum\u2019s native token, Ether (ETH<\/a>), is showing signs of vulnerability after breaking below a key multi-year support level, just as a major whale appears to be dumping hundreds of millions of dollars worth of ETH.<\/p>\n On the two-week chart, Ether has slipped below the lower trendline of a symmetrical triangle that had held firm since mid-2022. <\/p>\n In March, the 200-period exponential moving average (200-period EMA; the blue wave) near $1,600 provided a temporary bounce, but the recovery stalled after hitting the 50-period EMA (the blue wave) around $2,545. <\/p>\n The 50-period EMA aligns with the triangle\u2019s lower trendline, forming a resistance confluence that ETH bulls have repeatedly failed to overcome in recent months, including June.<\/p>\n Other indicators of bearish pressure include Ethereum\u2019s relative strength index (RSI)<\/a>, which remains below a multi-year descending trendline.<\/p>\n Despite recent price rebounds, the RSI has failed to break above the trendline resistance, indicating waning bullish momentum, reinforcing the likelihood of continued downside.<\/p>\n ETH risks returning toward its 200-period EMA near $1,600 if this resistance confluence, marking a potential 25% slide from current levels.<\/p>\n Ethereum\u2019s onchain data further highlights the risk of ETH price declines in the coming weeks. <\/p>\n Earlier in June, two Ethereum wallets, 0x14e4<\/a> and 0x26Bb<\/a>, unstaked and withdrew 95,920 ETH (~$237 million), according to Etherscan.<\/p>\n Of that, 62,289 ETH (~$154 million) has already been deposited to exchanges including HTX, Bybit, and OKX in the past 20 days. The remaining 33,631 ETH (~$83 million) still sits in the whale\u2019s address, potentially ready to be sold.<\/p>\n Data resource Lookonchain considers that the wallets are controlled by a single \u201cmassive whale\u201d entity.<\/p>\n The whale\u2019s large ETH transfers to exchanges align with a recent CryptoQuant<\/a> report. <\/p>\n It shows Ethereum inflows into Binance, the world\u2019s largest crypto exchange by volume, have persisted for five consecutive days.<\/p>\n Glassnode data<\/a> reveals further bearish undercurrents. <\/p>\n The ETH supply held by addresses with 10,000\u2013100,000 ETH has declined sharply since mid-May, while the 1,000\u201310,000 ETH cohort has seen a parallel rise. <\/p>\n This indicates that large holders are either breaking up their wallets into smaller chunks or distributing ETH to new, possibly offloading, addresses, thus raising the cryptocurrency\u2019s downside bias.<\/p>\n Ether\u2019s bearish outlook contrasts with a broader upside sentiment across the market. <\/p>\n Related: <\/strong><\/em>Ethereum set for rally as it holds above crucial $2.4K price: Analyst<\/strong><\/em><\/a><\/p>\n Analyst Agela notes<\/a> that Ether\u2019s breakout above its weekly RSI resistance, as discussed above, is only a \u201cmatter of time.\u201c<\/p>\n \u201cThis\u2019ll be the catalyst for price appreciation,\u201d he wrote, adding: <\/p>\n \u201cSince Q1 2024, ETH weekly RSI has made lower lows, and this is why ETH hasn’t been able to reclaim $4,000.\u201d<\/p><\/blockquote>\n Other analysts further predict that the Ether price will rally toward $10,000<\/a> due to supportive technical indicators and persistent capital flows into ETH-focused investment funds<\/a>.<\/p>\n This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.<\/p>\n <\/div>\n","protected":false},"excerpt":{"rendered":" Key takeaways: Ethereum risks a 25% drop toward $1,600 after failing to break above a multi-year technical resistance. A whale moved over $237 million in ETH to exchanges, aligning with rising ETH inflows into Binance over five straight days. Wallet data suggests large ETH holders are redistributing or offloading, adding to bearish pressure. Ethereum\u2019s native […]<\/p>\n","protected":false},"author":2,"featured_media":396867,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-396866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/396866","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=396866"}],"version-history":[{"count":1,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/396866\/revisions"}],"predecessor-version":[{"id":396868,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/396866\/revisions\/396868"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/396867"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=396866"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=396866"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=396866"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}\n
Technical breakdown puts $1,600 ETH target in play<\/h2>\n
ETH whale wallets dump amid stalled recovery<\/h2>\n
Binance sees ETH inflows for five days straight<\/h2>\n
Ethereum analyst: Rally to $4,000 \u201ca matter of time\u201d <\/h2>\n