The Ethereum (ETH) price may fall to $1,200 due to institutional sales after the Fed rate cut.
The #BinanceBlockchainWeek price is forming a wedge on technical charts and may fall significantly after the Fed rate cut.
Metalpha, a Hong Kong-based asset manager, has sold about 40% of its #BinanceBlockchainWeek assets in the past four days.
These large scale transactions may affect the ETH price amid current macroeconomic events.
Although the price of Ethereum (ETH) has recovered to the $2,350 level, market analysts believe that ETH has yet to fully break out. The historical pattern on the ETH price chart indicates that the upcoming Fed rate cut could be a nightmare for the altcoin.
Crypto analyst Benjamin Cowan recently stated that the current Ethereum (ETH) price wedge pattern is very similar to the lows of the wedge in 2019. ETH has fallen below the wedge for the first time After the first interest rate cut in 2019, ETH fell below the wedge and the ETH/BTC rate eventually bottomed out. Based on historical patterns, Cowen predicts that ETH could fall to $1,200 by December. The ETH/BTC pair fell off the cliff in 2016 and 2019, with ETH/USD falling 70% to the risky 0.300 level.
Current Current risk level indicates that the Ethereum price drop will continue to the $1,208 level. Mr. Cowan predicts that ETH could have a soft landing and rebound in the first half of 2025. Mr. Cowan warns that investors should make their own decisions and that they too can make mistakes.
the activity of Ethereum "whales" has increased recently, with top players such as the Ethereum Foundation and Vitalik Buterin holding ETH over the past few weeks.
In addition, according to the latest blockchain data, Hong Kong-based asset manager Metalpha has sold nearly 40% of its ETH holdings in the past four days. According to analytics firm Lookonchain, Metalpha has sent a total of 33,589 ETH (worth about US$ 77.
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