BitForex Founder Moves $1.35 Billion in ETH Before Price Drop
- Massive Transfer Incident: Garrett Jin, founder of BitForex, transferred 577,717 Ether (ETH) worth approximately $1.35 billion to Binance between May 6 and May 10, coinciding with a short-term peak in Ethereum's price, which subsequently dropped by about 20%, raising questions about his intentions.
- Market Manipulation Concerns: According to Lookonchain's report, the transfer was executed in multiple transactions over five days, coinciding with a local price top for Ethereum; while the transfer itself does not directly prove market manipulation, it heightens concerns about insiders capitalizing on market conditions at the expense of retail investors.
- Increased Regulatory Scrutiny: BitForex collapsed in early 2023 amid allegations of fraud and mismanagement, with Garrett Jin under investigation by the FBI and South Korean regulators; this large transfer has drawn significant attention from regulators and the crypto community, potentially impacting market stability and investor trust.
- Vulnerability of Crypto Market: This incident underscores the crypto ecosystem's vulnerability to large, unannounced transfers by individuals with a history of fraudulent activity; despite the transparency of blockchain ledgers, tracking and recovering misappropriated assets remains a significant challenge for law enforcement agencies.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 1 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for ETH stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, ETH is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1186.956 | 1346.318 | 1501.776 | 1661.138 | 1816.596 | 1975.958 | 2131.416 |
| Fibonacci | 1346.318 | 1466.579 | 1540.877 | 1661.138 | 1781.399 | 1855.697 | 1975.958 |
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