ETH Worth More Than $90M Dumped by Wallet Linked to HashKey

Lookonchain, the on-chain tracking platform, revealed in an X post today that a wallet linked to HashKey dumped $97.7 million worth of Ethereum (ETH) in the last few days. According to the post, wallet 0xD26e deposited 50,115 ETH to exchanges throughout the past 10 days.

A wallet related to #HashKey dumped 50,115 $ETH($97.7M) in the past 10 days.

Wallet”0xD26e” deposited 50,115 $ETH($97.7M) to #Binance and #OKX, then withdrew 89.6M $USDT and 12.95M $USDC.

The average selling price probably is $2,047.https://t.co/qYLUghQetE pic.twitter.com/Nj4LzeytUu

— Lookonchain (@lookonchain) November 19, 2023

On-chain data shows that the wallet sent the tokens to Binance and OKX. Following these deposits, the whale then withdrew 89.6 million Tether (USDT) and 12.95 million USD Coin (USDC). The average selling price was around $2,047, according to Lookonchain.

Despite the recent selloff by this wallet, the price of ETH was still able to rise 1.26% over the past 24 hours. This boosted the cryptocurrency’s value to $1,960.38 at press time, according to CoinMarketCap.

Notably, the leading altcoin was still trading below the psychological $2K mark. Furthermore, ETH’s weekly performance was still in the red zone, and stood at -4.35%. ETH also recorded a 31.25% drop in its total daily trading volume, which brought the total down to $7,864,079,782.

Daily chart for ETH/USDT (Source: TradingView)

From a technical perspective, ETH was trading in a negative price channel. As a result, the cryptocurrency was at risk of dropping below the key $1,945 support level in the next few days if this bearish trend continues. This could then expose the cryptocurrency to the risk of falling to $1,830 in the following few days.

On the other hand, if ETH is able to remain above the $1,945 support for the next 72 hours, then it may invalidate the bearish thesis. In this bullish scenario, ETH could look to break above the descending price channel. Should buyers continue to boost the altcoin’s price at this point, then it may have the momentum needed to flip the $2,065 resistance level into support as well.

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