The tears and tantrums of the crypto market do not stop here as the FTX-Alameda drama continues to bring new twists to the industry. The collapse of the FTT token has already caused huge upheavals in the price charts of major assets and aims to expand its impact to halt any bull run of the crypto market in the coming months. Recently, it was reported that Ethereum founder Vitalik Buterin dumped around $4 million worth of ETH on November 12 during a significant hack of FTX.
Vitalik Buterin Liquidates Ethereum in FUD
The ongoing events of FTX and the collapse of its native token, FTT, forced investors to liquidate a massive amount of crypto holdings to avoid any uncertain price fluctuation, which might generate a significant loss. Ethereum previously invalidated its bullish speculations regarding its much-anticipated Merge event, and now it looks to dive further to the bottom level amid the current adverse market sentiments.
according A whale tracker, Misttrack, Ethereum founder Vitalik Buterin exchanged 3000 ETH ($4 million worth) during the FTX hack, as if he was well aware of the FTX threat. It should be noted that Vitalik’s dump came to the market when FTX was dealing with a number of issues, including a sudden drop in its native token and a major hack of its system that cost $600 million, which was stolen from StETH Solana, BNB, LINK, AVAX, was terminated. and MATIC from crypto exchange.
same day, vitalik Express As for his outlook on FTX’s recent collapse, he noted, “MTGox looked ‘sketchy’ and never tried too hard to whitewash itself. Luna too. FTX was the opposite and full-on compliance.” Virtue signaling (not the same as compliance). The second type of fraud cuts deeper than the first.
This Can Trigger Ethereum To Bleed More!
Despite the recent slump in Ethereum, whales continue to deposit digital assets into ETH holder dumps. According to on-chain data provider Glassnode, ETH holders holding more than 10+ ETH in their wallets have touched a high of 326,899, while the total supply of Ethereum is gradually decreasingRepresents the deflationary nature of ETH.
However, another on-chain analyst firm, CryptoQuant, showed that net ETH deposits to exchanges are making highs compared to the last week, meaning that Ethereum is likely to face increased selling pressure which can plunge its price near $1K. Ethereum’s total number of addresses and transactions is also declining, signaling a possibility of a sharp bearish momentum soon.
At the time of writing, Ethereum is trading at $1,240 with a slight increase of 0.91%. Ethereum recently attempted to break its immediate resistance at $1,300 but faced a rejection, which sent ETH near the $1,250 support area. However, the RSI-14 is indicating a modest bullish recovery as it is trading near the 40-level, which could ignite a short-term bullish reversal towards its EMA-20 trend line near $1,378.
The MACD line recently crossed its main line and is trading below it, which can push ETH near its Bollinger band’s lower limit of $1,050 if ETH fails to hold its price above $1,300. If ETH trades above $1,400, it can soon attempt to break its Bollinger band’s upper limit of $1,530 and spark a fresh bull run by the end of 2022.
