Will Ethereum Rally? Metalpha Dumps Another $51M in ETH

In the ongoing choppy cryptocurrency market, Metalpha, a giant asset management firm based in Hong Kong, is gaining significant attention from crypto enthusiasts due to its continuous Ethereum (ETH) dump. On September 11, 2024, the on-chain analytic firm TheDataNerd made a post on X (previously Twitter) that Metalpha had dumped another 22,000 ETH worth $51.16 million to Binance.

Investors and traders are curious about Metalpha’s recent transactions, as they have moved a substantial ETH in the past week. According to the data, the firm has offloaded a significant 56,188 ETH worth $130.81 million to the Binance. 

Current Price Momentum

However, the recent dump by Metalpha hasn’t impacted the ETH price. Currently, it is trading near the $2,360 level and has experienced a modest price surge of 0.30% in the last 24 hours. Meanwhile, ETH’s trading volume has increased by 20% during the same period, indicating higher participation from investors and traders amid ongoing market confusion.

Ethereum Price Prediction

According to expert technical analysis, ETH looks bullish and is poised for a decent rally in the coming days. Following the breakout of the descending trendline on a four-hour time frame, ETH is currently retesting its breakout level of $2,320 level. Additionally, there is a hurdle near $2,400, if ETH closes a four-hour candle above that level, there is a high possibility it could soar to the $2,570 and $2,800 level.

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.

Bullish On-chain Metrics 

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.