Ethereum Under Pressure – Analyst Bearish Outlook, Eyes on $2,200

Story Highlights

• WazirX exploiter transferred a significant 3,000 ETH worth $7 million to TornadoCash.

• If ETH closes a daily candle below the $2,400 level, it could fall to the $2,200 level or even lower.

• The Ethereum Foundation sold 100 ETH for $241,000 DAI through decentralized exchanges.

In this ongoing market sell-off, WazirX exploiter and Ethereum foundation have moved millions worth of Ethereum (ETH) and made the sentiment more bearish. Recently, the on-chain security firm CertiK Alert made a post on X (previously Twitter) that the exploiter transferred a significant 3,000 ETH worth $7 million to TornadoCash.

Currently, the major liquidation levels are near the $2,335 level on the lower side and $2,417 on the upper side as traders at these levels are over-leveraged, according to the on-chain analytic firm CoinGlass.

At press time, ETH is trading near the $2,370 level and has experienced a price drop of over 3% in the last 24 hours. Meanwhile, its trading volume has dropped by 25% during the same period, indicating lower participation from traders.

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