Ethereum’s current price is $2,356, showing a 0.72% increase for the day. Despite this, the outlook for Thursday appears bearish due to Metalpha’s substantial sale of 6,999 ETH worth $16 million based on on-chain data.
Metalpha, a crypto management firm from Hong Kong, has sold nearly 7,000 ETH valued at $16 million, marking the third consecutive day of significant sales by the company. This move has significantly reduced Metalpha’s ETH holdings to 1.9K ETH worth $4.50 million according to data from Arkham, an on-chain analytics platform.
Metalpha’s recent sales include 10K ETH worth $23 million on September 10, 22K ETH worth $51 million on September 11, and 6K ETH worth $16 million on September 12. In total, the asset manager has offloaded 38K ETH worth $90 million in just three days.
The ETH price has shown a lackluster performance compared to other top altcoins since 2024, with BTC’s year-to-date performance at 31.25% and ETH at -0.04%. Despite the launch of spot Ethereum ETFs, investor interest in Ether remains subdued.
Ethereum’s current price hovers around $2,333 and has struggled to retest the crucial level at $2,500 despite Bitcoin’s 10% rally since September 6. The absence of significant buying pressure and the VWAP’s lower limit of $2,417 present challenges to an upward price trend.
Forecasts predict that ETH could decline further and stabilize around the $2,525 support level. If Bitcoin’s performance improves and rallies to $60,000, Ether’s prices might follow suit. Conversely, a Bitcoin crash could drag Ethereum down to $2,000.
Overall, Ethereum’s price struggles persist after Metalpha’s substantial $90 million ETH sale, as reported on CoinGape.