A HashKey wallet made headlines after selling a large amount of Ethereum (ETH) worth $97.7 million.
According to on-chain monitoring platform Lookonchain, the wallet managed the transfer of 50,115 ETH to Binance and OKX exchanges over a 10-day period, while simultaneously withdrawing about $102.5 million in Tether (USDT) and USD Coin (USDC) stablecoins.
Despite this substantial drop, the price of ETH has risen by 1.26% in the last 24 hours to $1,960.38. However, it fell short of the $2,000 threshold, with a weekly performance fall of -4.35% and a significant 31.25% decrease in daily trading volume.
At the writing time, ETH is now trading in a negative price channel ($1,952), which adds uncertainty to its trajectory.
If the price of Ethereum falls below the $1,945 support level, it could fall further to $1,830. Maintaining a position over $1,945 in the next 72 hours, on the other hand, might clear the way for a positive trend.
This scenario might see Ethereum break out of the falling price channel, potentially establishing the $2,065 mark as new support.