With Bitcoin reaching the new ATH, Ethereum, which exceeded $ 4,000, fell to $ 3560 with the last correction.
While the reasons for this decline are wondered, Spot on Chain said in its post that FTX and Alameda Research may be behind the decline in ETH price.
At this point, the platform pointed out that FTX and Alameda frequently transferred Ethereum to Coinbase before the ETH price dropped.
Pointing out that there is a potential correlation between the movements of FTX and Alameda Research and the price dynamics of Ethereum, the platform listed the latest ETH transfers of FTX and Alameda.
“FTX and Alameda wallets seem to frequently sell before the ETH price drops!
Over the past 15 days, FTX and Alameda Research deposited 6,500 ETH (valued at $24.57 million) to Coinbase at approximately $3,780 through 7 transactions.
And after 5 out of 7 transactions, ETH fell.
FTX and Alameda wallets additionally moved 8 altcoins worth $6.26 million during this period: ALI, GAL, TONCOIN, WAVES, OHM, HGET, TLM and MTA.”
#FTX and #Alameda wallets appear to frequently move out $ETH ahead of a dump!
In the past 15 days, FTX and Alameda Research have deposited 6,500 $ETH ($24.57M) to #Coinbase at ~$3,780 via 7 transactions.
And the market dipped following 5 out of 7 transactions (pic 👇)!… pic.twitter.com/STOtHBDChE
— Spot On Chain (@spotonchain) March 15, 2024
Analysts analyzing ETH technically noted that the current price trend of Ethereum reflects a significant downtrend, with resistance observed around $3,850.
At this point, analysts stated that a successful break above $ 3,880 could signal the revival of the bullish momentum and push Ethereum towards $ 4,000 again, while failure to overcome the $ 3,850 resistance could bring further decline.
*This is not investment advice.
