Will Ethereum Rally? Metalpha Dumps Another $51M in ETH

Within the ongoing uneven cryptocurrency market, Metalpha, an enormous asset administration agency primarily based in Hong Kong, is receiving vital consideration from crypto fanatics resulting from its ongoing Ethereum (ETH) dump. On September 11, 2024, on-chain analytics agency TheDataNerd posted on X (previously Twitter) that Metalpha had dumped one other 22,000 ETH price $51.16 million to Binance.

Buyers and merchants are interested by Metalpha’s latest trades as they’ve moved a big quantity of ETH over the previous week. In keeping with the information, the corporate transferred a big 56,188 ETH price $130.81 million to Binance.

Present value momentum

Nevertheless, the latest dump by Metalpha has not affected the ETH value. At present buying and selling close to the $2,360 stage, it has skilled a modest value improve of 0.30% over the previous 24 hours. In the meantime, ETH buying and selling quantity has elevated by 20% over the identical interval, indicating higher participation from buyers and merchants amid the continuing market confusion.

Ethereum value prediction

In keeping with skilled technical evaluation, ETH appears to be like bullish and is poised for fairly a rally within the coming days. After breaking the descending trendline over the four-hour time-frame, ETH is at the moment retesting the $2,320 breakout stage. Moreover, there’s a hurdle close to $2,400. If ETH closes a four-hour candle above that stage, there’s a good probability that it may rise to the $2,570 and $2,800 ranges.

As of now, ETH’s Relative Energy Index (RSI) is in oversold territory, indicating a possible pattern reversal from a downtrend to an uptrend.

Bullish statistics within the chain

This bullish outlook is additional supported by on-chain metrics. Mint glass ETH long/short ratio at the moment stands at 1,067 in a four-hour span, indicating bullish market sentiment. Nevertheless, 51.84% of the highest ETH merchants have lengthy positions, whereas 48.16% have quick positions.

At present, this information means that bulls dominate property and have the potential to liquidate quick positions.