ETH could hit $2,900 if it closes a daily candle above $2,700.
ETH Long/Short ratio stands at 0.927, indicating bearish sentiment among traders.
Amid the struggling cryptocurrency market, a wallet associated with Vitalik Buterin, co-founder of Ethereum [ETH], has dumped a large amount of ETH.
According to blockchain analytics firm Spotonchain, on September 29, the wallet address “0x556” associated with Buterin transferred 649 ETH worth $1.72 million to Paxos.
Wallet linked to Buterin dumps $1.72 million in ETH
The company also noted that over the past 11 days, the wallet has transferred 1,300 ETH worth $3.35 million at an average price of $2,581.
Additionally, the company announced that the wallet received 1,300 ETH on September 19, from another wallet funded by Vitalik Buterin in 2022.
This large amount of ETH could change the market sentiment to bearish.
Ethereum Technical Analysis and Important Levels
According to TinTucBitcoin technical analysis, ETH is consolidating in a narrow range after breaking above the important resistance level of $2,590.
If the asset price rises and closes above $2,700, there is a high chance that ETH will reach $2,900 in the coming days.
Currently, ETH is trading below the 200 Exponential Moving Average (EMA) on the daily time frame, suggesting a bearish trend.
The 200 EMA is a technical indicator that traders and investors use to determine whether an asset is in an uptrend or downtrend.
Mixed sentiment across on-chain metrics
Adding to technical analysis, on-chain indicators also give mixed sentiment signals.
According to blockchain analytics firm Coinglass, ETH's Long/Short ratio is at 0.927, indicating bearish sentiment among traders.
Additionally, ETH Futures Open Interest has remained unchanged over the past 24 hours, suggesting that traders are holding onto their positions, while new investors are hesitant to open new positions.
51.89% of top traders are holding Short positions, while 48.11% are holding Long positions. At the time of writing, ETH is trading near $2,635 and has remained unchanged over the past 24 hours.
During the same period, trading volume increased by 22%, indicating higher participation from both traders and investors, which could be a positive signal for ETH.
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