40,000 ETH Transferred to Bitfinex, This Ethereum Whale Wants to Sell?

Bittime - An Ethereum whale made a massive transfer of 40,000 ETH, equivalent to around IDR 2.337 trillion, to the Bitfinex exchange. Is this a sign that the whale is planning to sell its assets? Here's the review.

With the price of Ethereum (ETH) currently at around $3,642 (around IDR 58,272,000), this news could have a significant impact on the ongoing price trend.

Impact of Transfers on Ethereum's Bullish Momentum

This transfer of 40,000 ETH comes at a time when Ethereum is showing strong bullish momentum. The transfer was made when the price of ETH was above $3,600 (around IDR 57.6 million) in the last few weeks. 

However, this whale activity raises concerns that the potential for massive sales could disrupt this positive trend. Historically, large transactions like this are often associated with possible sell-offs, which can cause price volatility in the short term.

In technical analysis, the Golden Cross indicator has been confirmed on the 4-hour chart. Wherein, the 13-period moving average crosses above the 49-period moving average. 

Read also: Ethereum ETF Will Overtake Bitcoin ETF in 2025? Here's the Prediction!

This is a bullish signal indicating that the short-term trend is positive and the price may move higher in the near future. 

However, with this whale transfer, the future of Ethereum's price becomes uncertain, especially because ETH has not succeeded in breaking through the resistance level at $3,645 (around IDR 58.3 million).

Determining Support and Resistance Levels

On the Ethereum price chart, there is a clear pattern between support and resistance levels which will determine the next price movement. The first support level is located at $3,627 (around IDR 58 million), which coincides with the 13-period moving average. 

This level has provided short-term stability and helped Ethereum stay above key levels. Below that, there is a strong support level at $3,528 (around IDR 56.4 million) which is the 49-period moving average. 

If the price falls below this level, it could lead to a deeper correction towards $3,406 (around IDR 54.4 million), where buyers are likely to re-enter.

Read also: Best Solana and Ethereum Crypto Wallets 2024

On the positive side, Ethereum's barrier at $3,645 (around IDR 58.3 million) is quite solid. If ETH manages to break this level, it will likely open the way towards the psychological level of $3,700 (around IDR 59.2 million), which could trigger further buy signals and continue the bullish trend.

RSI Indicator and ETH Price Drawdown Potential

The Relative Strength Index (RSI) indicator on the 4-hour chart shows 63.64, indicating strong buying pressure. An RSI value above 50 indicates a dominant bullish sentiment, confirming that Ethereum's uptrend is still continuing. 

However, the RSI which is approaching the overbought level of 70 could be an indicator of a potential short-term price correction. If the RSI approaches or crosses 70, we can expect a temporary pullback in Ethereum price.

On the other hand, if the RSI remains in the bullish area, this could be an indication that there is still room for further upside, provided the market can overcome the volatility triggered by whale activity.

Analyst's View On Ethereum

CryptoFeras, a crypto analyst, remains optimistic about Ethereum, stating that the coin can maintain its upward momentum as long as it finds support above $3,350 (around IDR 53.6 million) to $3,400 (around IDR 54.4 million). 

The analyst noted that Ethereum has outperformed Bitcoin, further supporting the bulls. According to CryptoFeras, the first target is the $4,000 level (around Rp. 64 million), which is a psychological level that must be broken to indicate that Ethereum is in an uptrend. 

If Ethereum manages to turn $4,000 into support, based on Fibonacci extension levels, ETH could jump towards $4,493 (around Rp. 71.8 million), $4,758 (around Rp. 76.1 million), and even $5,138 (around Rp. 82.2 million).

Read also: Top 5 Ethereum Faucets that Give Free ETH

FAQs About Ethereum

What is Ethereum (ETH)?

Ethereum is a blockchain platform that enables the development of decentralized applications and smart contracts, using a digital coin called ETH.

What is the difference between Ethereum 1.0 and Ethereum 2.0?

Ethereum 2.0 introduced two major improvements: Proof of Stake and Shard Chains, which were not present in Ethereum 1.0.

What is Ethereum 2.0?

Ethereum 2.0, or Eth2, is a series of updates aimed at making Ethereum more scalable, secure, and sustainable.

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Reference 

coinmarketcap, Ethereum Coinmarketcap, accessed January 7, 2025.

The Coin Republic, Whale Moves 40,000 ETH to Bitfinex, Ethereum Price at Risk, accessed January 7, 2025.

Author: Y