Institutions Dumped $35M Worth of Ether (ETH) to Binance and Kraken, Here's What Will Happen Next

ETH could decline by 12% to the $2,310 level if it closes a daily candle below the $2,645 level. If Ether's price soars to the $2,775 level, approximately $289 million worth of short positions will be liquidated.

Institutions Sold $35M Worth ETH to CEXs Institutions are dumping their crypto holdings amid a 1.75% market downturn.

Two institutions sold over 12,882 Ethereum (ETH) to متمرکز exchanges Binance and Kraken on Monday, according to an analysis by on-chain data firm Lookonchain.

Institutions Sold $35M Worth Ether

Institutions Sold $35M Worth Ether? Two institutions (Probably Amber and Cumberland) deposited over 12,882 $ETH to متمرکز exchanges today.

It looks like institutions were selling $ETH today!

Amber Group悚 deposited 6,443 $ETH($17.62M) to #Binance and #Kraken 6 hours ago.

#Cumberland deposited 6,439 $ETH($17.66M) to #Binance 3 hours ago.

Address:0xEc9fC235A8064698A2533c2D489DEFF4fBA8226B… pic.twitter.com/PO2DzPxcWp

Institutions are showing signs of selling their crypto holdings amid a 1.75% market downturn, as indicated by the large ETH deposits to متمرکز exchanges.

The institutions in question are likely Amber Group and Cumberland, as the total amount of ETH sold by these two institutions adds up to the amount of ETH observed being moved to متمرکز exchanges.

Institutions Dumped $35M Worth Ether

Amber Group and Cumberland are two major crypto market makers that have been observed making large deposits of ETH to متمرکز exchanges in the past.

Data shows that Amber Group moved 6,443 ETH, valued at $17.62 million at the time of the transaction, to Binance and Kraken.

On the other hand, Cumberland was observed depositing 6,439 ETH, valued at $17.99 million at the time of the transaction, to Binance.

These large ETH deposits to متمرکز exchanges by a small number of institutions indicate potential upcoming selling pressure.

ETH Price Prediction

Expert technical analysis suggests that ETH is displaying bearish signs, as it trades below the 200 Exponential Moving Average (EMA) on the daily time frame and is forming a bearish rising wedge price action pattern.

There is a high chance that ETH could soon give a breakout of this pattern.

If the sentiment remains bearish and ETH breaks out and closes a daily candle below the $2,645 level there is a high possibility it could decline by 12% to the $2,310 level.

Institutions Lose Interest in ETH

Data from on-chain firm CoinGlass suggests that institutions’ and investors’ interests are gradually reducing.

ETH’s open interest has dropped by 1% in the past hour and by 2.3% in the last four hours.

However, its open interest has remained unchanged over the last 24 hours.

In addition to institutions’ sentiment, traders also look bearish on ETH. Currently, short positions significantly outnumber bullish long positions

Key Liquidation Levels

Based on the ETH exchange liquidation map, the major liquidation levels are near the $2,680 level on the lower side and the $2,775 level on the upper side.

Traders are over-leveraged at these levels, according to CoinGlass data.

If the sentiment remains bearish and the price drops to the $2,680 level, nearly $119 million worth of long positions will be liquidated.

Conversely, if the sentiment changes and the price soars to the $2,775 level, nearly $289 million worth of short positions will be liquidated.

These data clearly indicate that bears are more active, and these substantial positions may create additional selling pressure.

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