Ethereum Price Struggles After Metalpha’s $90M ETH Sale

Ethereum (ETH) price today trades at $2,356, up 0.72% on the day. However, Thursday could be a down day as Metalpha sold 6,999 ETH worth $16 million, on-chain data shows.

Metalpha Sells ETH, Cripples Ethereum Price Rally

Metalpha, a Hong Kong-based crypto management company, has offloaded another nearly 7,000 ETH worth $16 million. This is the third consecutive day that the Metalpha sold ETH.

Metalpha deposited 6,999 $ETH($16.4M) to #Binance again 1 hour ago.#Metalpha has deposited a total of 62,588 $ETH($145.1M) to #Binance in the past 6 days and currently holds 23.5K $ETH($55M).https://t.co/3hqVXQvHlu pic.twitter.com/3zVS4Irbmq

— Lookonchain (@lookonchain) September 12, 2024

 

This sale has reduced the crypto giant’s holdings to 1.9K ETH worth $4.50 million, according to data from Arkham, an on-chain analytics platform.

Metalpha Portfolio

Here are some of the notable sales from Metalpha:

1. September 10 – 10K ETH worth $23 million
2. September 11 – 22K ETH worth $51 million
3. September 12 – 6K ETH worth $16 million

In total, the Hong Kong asset manager has sold 38K ETH worth $90 million in just three days. 

ETH Price Remains Grounded

ETH price has suffered a setback since 2024 and has underperformed relative to top altcoins. BTC’s year-to-date performance stands at 31.25% and ETH’s at -0.04%, which shows the disinterest among investors surrounding Ether despite the launch of spot Ethereum ETFs. 

ETH vs. BTC YTD Performance

Furthermore Ethereum has not shown affinity to outperform ETH despite the 10% rally in Bitcoin (BTC) price since September 6. ETH currently trades around $2,333 and has failed to retest the key level at $2,500. The lack of buying pressure and the yearly Volume Weight Average Price’s (VWAP) lower limit of $2,417 pose headwinds to the uptrend.

ETH/USDT 1-day chart

Ethereum price forecast suggests ETH is likely to slide lower and stabilize around the $2,525 support level. If Bitcoin’s outlook improves and it attempts a rally to $60,000, the Ether prices could follow along. On the contrary, if BTC crashes, Ethereum could also collapse to $2,000.

The post Ethereum Price Struggles After Metalpha’s $90M ETH Sale appeared first on CoinGape.

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Akash Girimath
CoinGape