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Ethereum Price Rally Defies Metalpha’s $130M Dump – Here’s Why

Published by
Zameer Attar

In the choppy cryptocurrency market, Hong Kong-based asset management firm Metalpha is drawing significant attention due to its ongoing Ethereum (ETH) sell-off. On September 11, 2024, on-chain analytics firm TheDataNerd reported on X (formerly Twitter) that Metalpha had sold another 22,000 ETH worth $51.16 million to Binance.

Will this cause another hit to the Ethereum market? We’ve got the answers.

Metalpha Dumps $51 Million Worth of Ethereum

Investors and traders are keenly watching Metalpha’s recent transactions as the firm has moved a large amount of ETH in the past week. Data shows that Metalpha has sold a total of 56,188 ETH, valued at $130.81 million, to Binance.

ETH Price Holds Steady

Despite Metalpha’s significant ETH sales, the price of Ethereum has remained stable. ETH is currently trading near $2,360, showing a modest 0.30% gain in the last 24 hours. Meanwhile, ETH trading volume has jumped by 20% during the same period, reflecting increased participation from investors and traders amid the ongoing market uncertainty.

Ethereum Price Prediction

Technical analysis points to a bullish outlook for ETH, suggesting a potential rally ahead. After breaking out of a descending trendline on the four-hour chart, ETH is currently retesting its breakout level at $2,320. A key resistance level lies at $2,400; if ETH closes a four-hour candle above this level, it could climb further to targets of $2,570 and $2,800.

As of now, ETH’s Relative Strength Index (RSI) is there in oversold territory, indicating a potential trend reversal from a downtrend to an uptrend.

The Bulls Are In Control

This bullish outlook is further supported by on-chain metrics. Coinglass’s ETH Long/Short ratio currently stands at 1.067 in a four-hour time frame, indicating bullish market sentiment. However, 51.84% of top ETH traders are holding long positions, while 48.16% are holding short positions. 

Currently, this data suggests that bulls are dominating the assets and have the potential to liquidate short positions.

Also Check Out: Why Is Internet Computer (ICP) Price Up Today?

Is Metalpha playing a larger game? Only time will reveal the full implications of their actions on the Ethereum ecosystem.

Zameer Attar

Zameer is a financial analyst and writer with a particular interest in cryptocurrency markets. He has been studying cryptocurrencies and their market behavior for several years and deeply understands the factors that affect the price of cryptocurrencies. His expertise lies in his ability to use both technical and fundamental analysis to make informed predictions about the future direction of cryptocurrency prices. He has a strong understanding of market sentiment and uses this to inform his trading decisions and price predictions.

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