Expected a wild dump Ethereum when a whale transferred 204,530 ETH ($25M) to three major exchanges
Up to 92k ETH sent to Kraken came from a wallet owned by a whale, who received most of the coins from none other than Vitalik Buterin.
A total of 204,530 ETH (~ $ 25 million) have been transferred to the wallets of three major cryptocurrency exchanges – Kraken, Binance, and Huobi, according to blockchain analysis firm ViewBase.
— ViewBase (@viewbasecom) December 25, 2019
It is unclear precisely who sent these massive transfers to exchanges, but the largest altcoin may face intense selling pressure.
Many users require a clear explanation from Vitalik Buterin. It is doubtful that Vitalik is preparing for the next dump before revealing ETH 2.0 is a disaster.
This is not the only time that the Ether whales show strength this month. AZCoin News reported that on December 16, data scientist Alex Svanevik noticed that Ether worth tens of millions of dollars were transferred from an account thought to be of an early ICO participant.
The ETH price is currently at $ 124, having fallen by more than 7% in 2019. Another price dump will be terrible for the altcoin, and its holders risk seeing a double-digit price for the first time since December 2018.
Source: Trading View
Momentum for Ethereum?
There isn’t any positive momentum for Ethereum in 2019 despite two successful network upgrades, growing development and application base, and a booming start for the DeFi market.
The long-awaited upgrade to ETH 2.0 is the only thing capable of catalyzing market movements in the right direction again. Researchers are pessimistic with some emerging predictions that this may still be at least two more years.
However, if there is a fast track to Serenity, at least in terms of scalability, things can start bright for Ethereum.
Vitalik Buterin suggested a faster way to migrate data to #ETH 2.0, meaning the long-awaited upgrade may come sooner than expected. The idea of making the ETH 1.0 a shard in the ETH 2.0 system is beautifully simple. The technical details will still need to be sorted out though.
— Weiss Crypto Ratings (@WeissCrypto) December 24, 2019
After the highly anticipated hard fork in Istanbul took place successfully, Vitalik Buterin announced the plan to convert the network to ETH 2.0 without much difficulty, which is the conversion from the PoW chain to the PoS chain. Ethereum developers strongly support this idea of Vitalik.
A trader on Twitter has assumed that during the next price hike, Ethereum will reach $ 10,000.
You can hate Ethereum as much as you want, but it’s going to $10k during the next bull run.
— Bitcoin Macro (@BTC_Macro) December 25, 2019
Many others also believe that ETH 2.0 will improve the performance of the Ethereum blockchain to a great extent and hope that it will bring price momentum to ETH.
Current ETH price
Ethereum price is currently trading inside the long-term bullish pattern. If it is possible to create a double bottom at 0.016 sts, the ETH price will break out. This may be the beginning of a new bull market cycle.
Popular analyst CryptoWolf outlined the December price drop and stated that the price of Ethereum did not surpass the current cross-resistance. He will fall in the short term but increase the price in higher time frames.
ETHBTC. Failed to break diagonal resistance.
Short term not looking good unless we manage to break diagonal painting that iHS on the weekly RSI.
Long term i’m a mega bull.
– Massive FW
– 15 months bullish div on the MACD pic.twitter.com/pY0OkmMPS1
— CryptoWolf (@IamCryptoWolf) December 23, 2019
The weekly RSI has generated bullish divergence across the entire model. Besides, there are two other bullish divergences, the only two being recorded in the oversold RSI indicator. The first took place in September / October 2018, before rising 60% in three weeks. The second is in transition, from September 2019. If the price creates a double bottom here, it will be confirmed.
Therefore, while the price of Ethereum may drop to 0.011 sts, we think that it will most likely create a double bottom and then break out. Expected break out will occur in the first few months of 2020.
Source: Trading View
Disclaimer: This is not trading advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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