Ethereum whale moved $1.8M to OKEx. Now what?

Ethereum is changing hands at $114.50 at the time of writing. The third largest digital coin has lost nearly 50% of its value in a single month amid global cryptocurrency collapse. Ethereum network specific fundamental issues are making the situation even worth.

Ethereum whales are rumored to dump the coin, increasing the overall bearish pressure. According to the transactions data retrieved from Etherscan, an unknown user transferred 17723 ETH (over $1.8M at current exchange rate) from an Ethereum Wallet to Okex Exchange. The purpose of the transaction is not clear, though, if this whale is going to cash out, ETH might well hit $50 in the nearest future.

Ethereum's technical picture

The price is capped by DMA5 at $113.50; though, we need to see a sustainable movement above $120 handle to sooth the pain and get a chance for an extended recovery towards psychological $130.00 with Pivot Point 1-month Support 3 on approach.

From the longer-term point of view, a strong resistance starts with the lower border of the previous range at $180 and DMA50 (currently at $190). This layer is followed by psychological $200 and DMA100 at $215.50.

On the downside, the critical support is created by the recent low of $100.92, which is followed by an essential $100. This area is likely to attract buyers; however, a sustainable breakthrough will expose $70.00 (the lowest level since April 2017 and $50.

The Relative Strength Index (daily chart) stays flat in the overbought territory.