Ethereum (ETH), the second largest cryptocurrency by market cap, experienced a price drop of over 3% within the last 24 hours. The reason is presumably a significant sell-off carried out by a prominent whale. The whale deposited 25,000 ETH (worth around $47.24 million) on Binance, only to withdraw a significant amount of USDT shortly afterwards.
As the on-chain data provider Lookonchain reports, the whale has probably already sold a part of his ETH. According to the on-chain data, the whale withdrew 16 million in USDT. “The drop in ETH price [a few hours] ago was most likely due to the sell-off of this whale,” the analysts note, further explaining that the whale still owns around 8,000 ETH ($14.7 million) unsold.
Nevertheless, ETH bulls continue to show strength. A look at the 1-hour chart of Ethereum reveals that the price has formed a bull flag. In technical analysis, a flag is a short-term consolidation pattern that occurs after a strong price move and indicates a temporary break in the trend.
A bullish flag forms during an uptrend with the flagpole pointing upwards, followed by a consolidation phase before a possible continuation of the upward movement. For now, the pattern has held, ETH has bounced up from the 4H 200 EMA at $1,825. In this respect, the bulls remain in control (despite the whale) for the time being.
ETH bull flag, 1-hour chart | Source: ETHUSD on TradingView.comBasically, two scenarios are conceivable. If the aforementioned support levels are broken to the downside, especially the underside of the flag, Ethereum could face a further price decline towards $1,750. Conversely, a breakout from the flag pattern to the upside (around $1,900) could trigger a price rise towards $2,000.
However, according to analyst Ali Martinez, that’s where the price will hit Ethereum’s key supply wall, which is in the $2,000 to $2,060 range, where 832,640 addresses have bought over 26 million ETH. “If ETH can break through this resistance barrier, we can expect an upswing to $2,330 or even $2,750,” Martinez believes.
In/ Out of the money around price | Source: Twitter @ali_chartsEthereum Options Expiry On Friday Confirms OutlookThe most important event this week for Bitcoin, Ethereum and the entire crypto market will be the expiration of over $7 billion in options tomorrow, Friday, June 30. The current options volume on the largest exchange Deribit is 14,107 calls, 9,445 puts and a put-call ratio of 0.67 for Bitcoin. For Ethereum, there are currently 76,776 calls, 39,779 puts and a put-call ratio of 0.52.
Options Volume [Deribit]$BTC:
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