Ethereum

In the ongoing struggle in the cryptocurrency landscape where top cryptocurrencies like Bitcoin, Ethereum, Solana, and others are continuously facing challenges to gain momentum, an on-chain analytics firm, Spotonchain, recently made a post on X (previously Twitter) stating that FTX and Alameda Research deposited a massive 4,500 Ethereum worth $14.4 million to centralized exchanges like Coinbase and Binance.&nbsp; FTX and Alameda sold 4,500 ETH 
According toSpotonchain, the average cost of this massive Ethereum deposit is $3,207. However, it has also been observed that since March 1, 2024, FTX and Alameda have deposited a total of 20,350 Ethereum worth $72.5 million into different centralized exchanges. Since then, Ethereum’s price has continuously fallen and struggled to gain momentum. 
Besides this massive recent ETH deposit, earlier on April 9, 2024, both of these firms deposited over 4,000 ETH worth $14.75 million to Coinbase at an average price of $3,688, as reported by Todayq News. Despite this massive ETH dumping on CEX, one thing that is also gaining massive attention is the recent accumulation of Ethereum by a crypto wallet linked to Justin Sun. Todayq News on April 23, 2023, published a report that highlighted <a href="https://news.todayq.com/justin-sun-gearing-up-for-ether-etf-data-shows-405m-eth-bought/" rel="noopener noreferrer nofollow">Justin Sun’s purchase </a>of a massive $405 million worth of ETH, as per the data.
Both FTX and Alameda’s massive deposits and potential purchases by Sun highlight investors’ sentiment being more bullish compared to selling. Ethereum price performance analysis 
Currently, Ethereum is trading near the $3,174 level, and in the last 24 hours, it experienced a decent 1.3% downside momentum. Looking at Ethereum’s performance over a longer period, it gained over 2.5% upside momentum in the last 7 days. However, in the last 30 days, due to several conflicts, it experienced a 6% downward momentum.
According to expert technical analysis, Ethereum on a daily timeframe is retesting its previous breakout of the consolidation zone. If ETH on a daily timeframe closes above $3,230, then in the coming days, we may see a massive upside momentum up to the $3,600 level. Otherwise, it will consolidate in the same place.

FTX and Alameda $14.4 mln ETH sell-off, What’s happening?

Todayq News

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