Ethereum whales absorb crypto exchange outflow after FTX crash and ETH stabilizes above $1,200. Generally, the biggest altcoin follows Bitcoin. Technical data shows that progress could be made.
The basics in a nutshell:
- ETH is currently trading at $1,210 with a trading volume of $11,883,180,085
- Data points to chain upside down due to strong accumulation and thinning of crypto exchange inventories
- The number of addresses with 100,000 to 10 million ETH tokens is decreasing, with the increase of smaller wallets
- Crypto exchanges seem to be dumping their ETH holdings to restore liquidity
- Investors are increasingly holding ETH holdings outside of trading platforms
- ETH at $4,000 long-term: Trade in the bullish “falling wedge” pattern.
- An upward movement in 2022 is unlikely given the state of the market
- Another downside is likely to find support at $1,050
The Ethereum token is trading at $1,210 today, gaining a few percentage points in 24 hours. Until now, the largest altcoin has largely followed the lead currency Bitcoin.
On-chain analysis by analytics platform Santiment indicates potential upside, likely due to increased ETH accumulation among Ethereum holders and ETH liquidation among crypto exchanges.
In any case, the data shows that wallet balances between $100,000 and $10 million in ETH are decreasing, while private wallets (0.01 to 10,000 ETH) are buying the dip and increasing in size. Here at least the obvious assumption is that the major wallets are the addresses of crypto exchanges.
Overall, the market for digital assets is very difficult to evaluate at the moment. The state of the entire DeFi sector is dangerous. Therefore, FTX and other cryptocurrency trading platforms decided to do damage control and liquidate their ETH holdings.
With the eruption of FTX, the crypto market has seen its own digital bank run. Given the size and importance of FTX as number two behind Binance, falling prices for Bitcoin, Ethereum and other coins were inevitable.
Accumulation of ETH among retail investors may lead to an uptrend, which is also supported by technical and fundamental indicators. The resistance zone was broken at 1,250 US dollars in a short rise. Ethereum has held up as well as Bitcoin, avoiding further crashes so far.
- MACD is losing momentum in bearish territory on the hourly chart
- The chart’s hourly RSI is now below 50
- Major support at $1,170
- Key resistance level at $1,265
However, the price could not stay above the obstacle of 1,280 US dollars. Upside resistance stands at $1,275. The trend line moves between 1,170 and the mentioned 1,275 US dollars. The main upside resistance is $1,300. Closer resistance is near $1,265 and a break above could put the price towards $1,300.
Currently, the price is trading below $1,240 and below the SMA 100. If ETH fails to scale above $1,245, further declines to below $1,185 may be seen. The next major support area is $1,170.
The price losses in Bitcoin and Ethereum in no way mean that there are still many new issues in the crypto market. One of them is the eco-friendly crypto company IMPT, which is currently raising money in the pre-sale.
This pre-sale should please especially environmentally conscious crypto investors. Because the team around CEO Creighton is creating an ecosystem with IMPT.io that connects the topics of climate protection, NFT and trade.
The pre-sale token will not only be an asset, but also the currency for buying and selling emission credits and will be used for shopping in more than 10,000 partner stores.
Alternatively, users can also delete their emission credits and make CO₂ compensation accordingly. Immopet rewards clearing the credits with collectable NFT.
The company was able to win two major players as affiliate partners, Microsoft and Lego. 12.8 million US dollars have already been collected. Investors expect the project to simplify and reduce the bureaucracy of trading in emissions certificates.
Investors can start at $0.018 right now. In the next phase of the pre-sale, the price will rise to $0.023.
FTX hacker is now one of the biggest owners of ETH
Over $663 million in crypto assets were withdrawn from FTX’s wallet one day after FTX filed for bankruptcy, Elliptic, a company that offers blockchain analytics to businesses, has discovered.
Of that, Elliptic believes $477 million was stolen, much of which was converted to ETH. According to the company, FTX itself moved hundreds of different tokens worth another $186 million to secure storage.
Cointelegraph reported that the attacker responsible for the theft emptied the wallet four days later.
According to blockchain security firm Beosin Alert, the attacker has been conducting several swaps and cross-chain transactions over the past few days, stealing a total of $338 million in crypto assets. According to the wallet address published by Beosin, it alone contained over 228,000 ETH worth approximately $288.8 million.
FTX Accounts Drainer (0x59AB…32b) has done multiple swap and cross-chain operations in the past day and currently has ~$338,598,702 in assets.
Most funds are held in the
Current residual: pic.twitter.com/SMrkbcwULL
— Beosin Alert (@BeosinAlert) November 15, 2022
The hacker became the number 35 of the largest Ethereum holders. The top 20 Ethereum wallets hold nearly 28% of the tokens in circulation and the top 50 ETH wallets hold a third of the circulating supply.
The theft has fueled speculation over the past few days that it may have been an inside job as the attacks on FTX and FTX.US took place. After reviewing evidence on the chain, the analyst firm CertiK does not want to rule out the possibility that an insider could transfer the assets. According to CertiK, however, a technical compromise cannot be ruled out either.
Multiple @FTX_Official addresses, both US and international, continue to send assets to FTX Drainer Address 0x59A…
Currently, FTX Drainer Address 0x59A has approximately ~$62M in assets…. pic.twitter.com/LUIkoWYv4A
— CertiKAlert (@CertiKAlert) November 15, 2022
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