Giant Whale Brings This Altcoin to the Stock Exchange: It Could Dump Its Price!

The crypto market found some morale today. Leading crypto Bitcoin visited above $27 thousand. Leading altcoin Ethereum also witnessed a similar rise. However, a giant Ethereum whale started moving ETH to the crypto exchange Kraken. If this continues, it is possible that it will put pressure on the ETH price.

Giant whale carries ETH to Kraken, may affect altcoin price!

As you follow from Kriptokoin.com, dark clouds have been hovering over the market for a while. These clouds seem to be clearing up a bit today. Bitcoin and altcoins have been moving in the green zone for a while now. However, an uneasy expectation prevails in the market. Because some whales, seeing this rise as an opportunity, took action. On-chain analytics platform Lookonchain highlights the recent movements of a giant Ethereum whale. Accordingly, the whale has been carrying ETH to the crypto exchange Kraken in recent hours. In this context, the analytics platform shared the following:

A whale deposited 6,000 ETH ($9.96 million) on Kraken 50 minutes ago. This whale is an Ethereum ICO participant who received 254,908 ETH (currently $422.6 million). Meanwhile, the ETH ICO price is around $0.31.

The whale’s Ethereum wallet is quite bloated. For now, he’s transferred some of that to Kraken. According to experts, this amount is unlikely to have a serious impact on the altcoin price. However, if the whale, which bought ETH at $ 0.31, decides to withdraw its holdings, the situation may change.

ETH price prediction: Sink or swim at critical support?

Crypto analyst Valdrin Tahiri evaluates ETH’s technical outlook. The shorter-term six-hour time frame shows ETH price trading at a crossroads of critical levels. On the one hand, altcoin price is trading inside the horizontal support area at $1,615. This area has remained in place since August 17, except for the deviation on September 11 (green circle). The divergence and retracement is a bullish sign that is expected to lead to a large increase if the ETH price remains above the zone.

However, Ethereum is still trading below the descending resistance line that has been in place since July 15. The trend cannot be considered bullish until the altcoin price breaks. Since the convergence between the line and the support area is approaching, it makes sense to expect a decisive move soon. Meanwhile, Ethereum’s Holesky testnet launch was delayed by a week due to a parameter mismatch. After test-net, the Dencun upgrade will set a mechanism to slow down the ETH staking rate. Expectations are that the upgrade will happen by the end of October. Finally, FTX exchange plans to liquidate $192 million worth of ETH tokens.

ETH Six-Hourly Chart. Source: TradingView

As a result, the ETH price prediction will be determined by whether the price breaks out of the resistance line or declines from the horizontal support area at $1,615. In a bullish case, a 12% rally towards the next resistance at $1,900 is possible. However, if the $1,615 horizontal area breaks, a 15% decline to the $1,400 support area is possible.