Ethereum (ETH) price today trades at $2,356, up 0.72% on the day. However, Thursday could be a down day as Metalpha sold 6,999 ETH worth $16 million, on-chain data shows.
Metalpha Sells ETH, Cripples Ethereum Price Rally
Metalpha, a Hong Kong-based crypto management company, has offloaded another nearly 7,000 ETH worth $16 million. This is the third consecutive day that the Metalpha sold ETH.
Metalpha deposited 6,999 $ETH($16.4M) to #Binance again 1 hour ago.#Metalpha has deposited a total of 62,588 $ETH($145.1M) to #Binance in the past 6 days and currently holds 23.5K $ETH($55M).https://t.co/3hqVXQvHlu pic.twitter.com/3zVS4Irbmq
— Lookonchain (@lookonchain) September 12, 2024
This sale has reduced the crypto giant’s holdings to 1.9K ETH worth $4.50 million, according to data from Arkham, an on-chain analytics platform.
Here are some of the notable sales from Metalpha:
- September 10 – 10K ETH worth $23 million
- September 11 – 22K ETH worth $51 million
- September 12 – 6K ETH worth $16 million
In total, the Hong Kong asset manager has sold 38K ETH worth $90 million in just three days.
ETH Price Remains Grounded
ETH price has suffered a setback since 2024 and has underperformed relative to top altcoins. BTC’s year-to-date performance stands at 31.25% and ETH’s at -0.04%, which shows the disinterest among investors surrounding Ether despite the launch of spot Ethereum ETFs.
Furthermore Ethereum has not shown affinity to outperform ETH despite the 10% rally in Bitcoin (BTC) price since September 6. ETH currently trades around $2,333 and has failed to retest the key level at $2,500. The lack of buying pressure and the yearly Volume Weight Average Price’s (VWAP) lower limit of $2,417 pose headwinds to the uptrend.
Ethereum price forecast suggests ETH is likely to slide lower and stabilize around the $2,525 support level. If Bitcoin’s outlook improves and it attempts a rally to $60,000, the Ether prices could follow along. On the contrary, if BTC crashes, Ethereum could also collapse to $2,000.
Frequently Asked Questions (FAQs)
Metalpha is a Hong Kong-based crypto management company that has sold nearly 7,000 ETH worth $16 million, affecting Ethereum price.
Ethereum has underperformed compared to Bitcoin, with a year-to-date performance of -0.04% vs. Bitcoin’s 31.25%.
Ethereum price is likely to slide lower and stabilize around the $2,525 support level, with potential follow-up to Bitcoin’s price movement.
Akash Girimath
Akash Girimath, an engineer by training, has developed a deep fascination with the complexities of cryptocurrency markets. As a senior reporter and analyst, he specializes in crypto analysis and contributes his expertise to notable platforms such as AMBCrypto and FXStreet. In addition to his analytical work, Akash actively trades cryptocurrencies and manages a small crypto fund for friends and family. His role involves providing insightful market analysis and keeping readers informed about the latest trends in the crypto world. Follow Him on Youtube , X and LInkedIn
Disclaimer: 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.
Source: https://coingape.com/markets/ethereum-price-struggles-after-metalphas-90m-eth-sale/
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