Ethereum
Will WazirX Hacker Sell $202 Million in ETH, Triggering Another Crash?
Ethereum price predictions show that the asset has remained stagnant over the past day. This comes as hacker WazirX converted his haul into ETH. As of 02:53 UTC, the attacker had accumulated $201.67 million in ETH. If the hacker, who on-chain sleuth ZachXBT believes may be linked to the Lazarus Group, decides to sell his ETH, what will the market implications be?
Ethereum Price Prediction: Can $200M ETH ETF Eclipse 3-Day ETF Launch?
Ethereum Price Prediction Chart
Ethereum Price forecasts remain stable despite the WazirX A hacker is consolidating stolen crypto assets into Ethereum, likely because the Ethereum blockchain is the most liquid. ETH/USD price is trading above the 50-day and 200-day simple moving averages (SMAs) on a 4-hour time frame, confirming that the bullish trend is still intact.
ETH is also inside a symmetrical triangle, forming a bullish pennant. ETH price is expected to move within this market structure over the weekend and into next week.
Technical indicators reveal some weakness from the bulls, but Ethereum price forecast remains optimistic.
The relative strength index (RSI) reached 60.68 on July 15 before retracing lower. It is currently near the RSI moving average, which may provide support from which to bounce. The current RSI of 57.49 reveals that ETH’s bullish momentum is waning. The Chaikin Money Flow (CMF) indicator supports the RSI, barely above the zero line, and shows signs of reducing buying pressure.
Ethereum Price Prediction shows that the asset could bounce between $3,400 and $3,500 over the weekend. An upward breakout of the symmetrical triangle could lead to an 18% price increase to $4,100. Conversely, ETH price could find support at $3,300.
ETH ETF vs. Selloff: Who Will Win?
The intentions of the WazirX hacker with the accumulated Ethereum are unknown at the moment. However, the market anticipates that the attacker could get rid of the loot at any time. The news of the hack comes a few days before the launch of the Ethereum ETF on July 23.
Meanwhile, ETF issuers filed their final draft S-1s on Wednesday, with Shades of grey The initial fee is the highest. However, on Friday, the ETF issuer lowered its initial fee to 0.15% and will now be the cheapest, surpassing Franklin Templeton at 0.19%.
Conclusion
The cryptocurrency market is on edge as hacker WazirX plans to sell $202 million worth of Ethereum. This large amount of ETH hitting the market could trigger a gloomy Ethereum price prediction, potentially leading to a broader market crash and overshadowing the anticipated launch of the Ethereum ETF.
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Frequently Asked Questions
The recent hack of cryptocurrency exchange WazirX resulted in a loss of approximately $235 million. This includes significant amounts of various cryptocurrencies, such as $96.7 million in Shiba Inu (SHIB) and $52 million in Ether (ETH).
Grayscale has announced a full fee waiver for its Ethereum Mini Trust for up to $2 billion in inflows or for the first six months, whichever comes first. This reduction makes the Ethereum Mini Trust significantly more competitive in the market, aligning it with other low- or no-fee promotional offers from competing Ethereum ETFs.
There is still a high probability that Ethereum price will rise above $5,000 in the coming days, especially after the launch of ETH spot ETFs.