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.
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.
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.
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.
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.
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