CandleFocus Will Ethereum Rally? Metalpha Dumps Another $51M in ETH
2024-09-11
Author: Content Editor
The news states that Metalpha, a Hong Kong-based asset management firm, has dumped 22,000 ETH worth $51.16 million onto Binance. This is part of a series of continuous Ethereum dumps by Metalpha, totaling to 56,188 ETH worth $130.81 million. Despite this selling pressure, the Ethereum price could potentially rise to levels ranging from $2,570 to $2,800 if it successfully closes a four-hour candle above the $2,400 level. The current ETH Long/Short ratio is in favor of bullish market sentiment, indicating that the market may see a trend reversal from downtrend to uptrend. Overall, the data suggests a dominant bullish presence in the market, with the potential to liquidate short positions.
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