Whale Activity Triggers ARB and ETH Price Drops

Whale Activity and Crypto Market Impact

A notable whale transaction has recently influenced the prices of Arbitrum (ARB) and Ethereum (ETH). The whale transferred 2.77 million ARB and 21,000 ETH to Binance, resulting in a significant market reaction. This move caused ARB's price to fall by approximately 9% and ETH's price to drop by around 2%.

Market Reactions to Whale Transactions

Following the transfers, the whale withdrew 15.9 million Tether USD (USDT) from Binance. These activities coincided with the overall crypto market experiencing a downturn of 1.91% in the past 24 hours, bringing the global crypto market cap to roughly $1.14 trillion. Although ETH managed a slight recovery, it remained down by 1.21%, with ARB down by 6%.

ARB and ETH Price Performance

ARB's performance against Bitcoin (BTC) also weakened, showing a 3.86% decline. In contrast, ETH managed to outperform BTC by 0.96%. Currently, ETH is trading within a consolidation channel, showing potential risks if it falls below $1,784.45. Technical indicators highlight bearish trends, with the 9-day EMA crossing below the 20-day EMA and the RSI signaling downward pressure.

Future Outlook for ETH

For ETH, closing above $1,784.45 within the next 48 hours could reverse the current momentum, potentially leading to a rise towards $1,942.32 in the upcoming week.

Disclaimer: Readers are advised to conduct independent research before making any investment decisions. The information provided is not liable for any financial losses.