- ETH could reach the $2,900 level if it closes a daily candle above the $2,700 level.
- ETH’s Long/Short ratio stood at 0.927, indicating bearish sentiment among traders.
In the persistently struggling cryptocurrency market, a wallet is linked to Vitalik Buterin, the co-founder of Ethereum [ETH] dumped a significant amount of ETH.
According to the on-chain analytics company SpotonchainOn September 29, wallet address “0x556” linked to Buterin deposited 649 ETH worth $1.72 million to Paxos.
Wallet linked to Buterin dumps $1.72 million worth of ETH
The company also noted that the wallet had deposited a significant 1,300 ETH worth $3.35 million over the past 11 days at an average price of $2,581.
Furthermore, the company added that on September 19, this wallet received 1,300 ETH from another wallet funded by Vitalik Buterin in 2022.
This huge deposit of ETH has the potential to shift market sentiment to a bearish side.
Ethereum technical analysis and key levels
According to AMBCrypto’s technical analysis, ETH is consolidating within a tight range after breaking a crucial resistance level at $2,590.
If the price of the asset rises and closes its daily candle above the $2,700 level, there is a high possibility that ETH could reach the $2,900 level in the coming days.
Source: TradingView
As of now, ETH is trading below the 200 Exponential Moving Average (EMA) on a daily time frame, indicating a downtrend.
The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an up or down trend.
Mixed sentiment due to on-chain metrics
In addition to the technical analysis, the on-chain metrics indicate mixed sentiment.
According to on-chain analytics firm Coinglass, ETH’s Long/Short ratio stood at 0.927, indicating bearish sentiment among traders.
Source: Coinglass
Furthermore, the Futures Open Interest has remained unchanged over the past 24 hours, indicating that traders are still holding their positions while new traders are hesitant to build new positions.
Read Ethereum’s [ETH] Price forecast 2024-25
51.89% of top traders hold short positions, while 48.11% hold long positions. At the time of writing, ETH was trading around $2,635 and has remained unchanged over the past 24 hours.
During the same period, trading volume increased by 22%, indicating greater participation from traders and investors amid ongoing consolidation, potentially a positive signal for ETH.
