ETHFI has been in a steep downtrend since its rejection at $0.64 three weeks ago, falling to a low of $0.42. At press time, ETHFI was trading below its MA ($0.44) and EMA ($0.45), underscoring strong bearish momentum. Lookonchain reported that a whale withdrew 3.6 million ETHFI from Binance and sold it for $1.587 million in a single transaction.
The whale entered and exited at the same price levels, suggesting a hurried exit driven by fear of holding the asset. This behavior highlights investors’ eagerness to avoid losses and underscores strong bearish sentiment. Sell volume has outweighed buy volume for five consecutive days. On the 12th of April, ETHFI recorded 3.16 million in sell volume compared to 3 million in buy volume.
ETHFI’s Relative Strength Index (RSI) made a bearish crossover and dropped to 36. It has also slipped below its short-term MAs, confirming the trend’s strength. ETHFI is testing the $0.40 support level, and if selling pressure continues, this level could give way to about $0.38. To invalidate this bearish outlook, the altcoin would need to flip the $0.45 resistance along with the MA and EMA levels.
Ether.fi whale panicked and dumped 3.6 million ETHFI for $1.5 million. ETHFI dropped 4%, touching a three-week low of $0.42, breaching MA and EMA, signaling strong bearish pressure.
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