• ETH/USD recovery stalled as the coin failed to stay above $130.00.
  • PlusToken team started selling ETH coins.

Fasten your seatbelts, ladies and gentlemen, bit Ethereun dump may be just around the corner.

According to the Wale Alert service (@whale_alert), 789,525 ETH tokens to the tune of about $100 million has been transferred from PlusToken to the unknown wallet. 

If history any guide, this transaction may become a trigger for ETH collapse with the first aim at $120.00, followed by the recent low of $116.40, this is the lowest level since February 2019. Once it is cleared, the sell-off may continue towards a psychological $100.00. The broader market will also be affected, but ETH will feel most of the heat.

Earlier, the FXStreet reported that the founders PlusToken, one of the largest cryptocurrency scams, had started to cash out their loot via OTC desks through Huobi. They used mixers to cover-up their tracks, but the experts from Chainalysis managed to trace the transactions. 

When the PlusToken team sold 25, 000 BTC, Bitcoin crashed below $7,000. However, the company also received investments in ETH, which means that the second largest coin may suffer the same fate when they start dumping ETH.

Read more details here.

ETH/USD: technical picture

ETH/USD jumped to $134.00 during early Asian hours amid global recovery on the cryptocurrency market. However, the coin hails to hold the ground and retreated to $126.60 by the time of writing. ETH/USD has lost over 5% of its value since the beginning of Thursday. 

On the intraday chart, ETH/USD has come close to SMA50 (Simple Moving Average) 1-hour ($126.50). This barrier may slow down the sell-off; however, a sustainable move below this support will push the price towards $125.00 (the lower line of 1-hour Bollinger Band) and $121.00. 

On the upside, the initial resistance awaits us on approach to $130.00. An even stronger barrier is created by a combination of SMA100 1-hour and the upper line of 1-hour Bollinger Band at $131.50. Once it is cleared, the recovery may be extended towards the recent high of $134.00/

ETH/USD, the daily chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Dogecoin: DOGE on the verge of a 75% lift-off

Dogecoin price breaks out of a bull flag pattern after surging 20%. DOGE could surge 75% to $0.095 if it bounces from the 50% Fibonacci retracement level at $0.055. A bearish outcome could evolve if the price re-enters the “flag” and starts consolidation.

More Dogecoin News

Bitcoin price ready for another upswing as the Fed publishes new preconditions for a digital dollar

The Fed will be looking for stakeholder interest and buy-in to support the launch of a CBDC. The US is still a long way to develop a digital dollar because many structures are not yet in place.

More Bitcoin news

Solana: SOL could take a breather and pullback 30% after a 600% bull rally

SOL price has been on an uptrend since Jan 22 with only minor corrections. SOL was surprisingly unbothered during the market crash on Feb 22 and 23, as it dropped by a mere 13%.

More cryptocurrencies news

Ethereum: ETH building overhead pressure threatens losses to $1,200

Ethereum’s recovery stalls at $1,700, opening the door to the ongoing bearish pressure. The IOMAP reveals the presence of intense selling pressure ahead of Ether.

More Ethereum news

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP