Crypto Industry News:

The ICO Ethereum whale address carries 145,000 ETH to various accounts in the weeks before Merge

Such a large number of ETH carried over just a month before the merge sparked the curiosity of the crypto community. Some say it is for selling, while others say it is for betting.

The Ethereum whale wallet, which participated in the initial coin offering (ICO) and acquired 150,000 Etherum (ETH) in 2014, was reactivated on August 14 after three years of sleep.

From its address, the whale shifted 145,000 ETH to multiple wallets as Etherum's price soared to a new three-month high of over $ 2,000. The transfers were made in batches of 5,000 ETH, with several transfers of over 10,000 ETH. The total value of Etherum transferred is over $ 280 million and the wallet address currently has a balance of 0.107 ETH.

Technical Market Outlook:

The ETH/USD pair has hit the level of $1,990, which is the 100% Fibonacci extension of the wave A and a perfect target for the wave C of the overall ABC corrective cycle. The local high was made at the level of $2,029, nevertheless the upside is limited due to the key technical resistance located at the level of $2,040. The momentum had violated the level of fifty already and it points to the south indicating a strong bearish activity. The nearest technical resistance is seen at $1,915 and must be clearly violated in order to continue the up move. The key short-term technical support is located lower, between the levels of $1,785 - $1,756.

Weekly Pivot Points:

WR3 - $2,132

WR2 - $2,042

WR1 - $1,986

Weekly Pivot - $1,953

WS1 - $1,897

WS2 - $1,864

WS3 - $1,775

Trading Outlook:

The down trend on the Ethereum might have been terminated at the level of $880. So far every bounce and attempt to rally is being used to sell Ethereum for a better price by the market participants, so the bearish pressure is still high. The next key psychological level for bulls is located at $2,000 and needs to be clearly violated before any extension higher.