By Dominion Ndubuisi
A wallet linked to HashKey, a major cryptocurrency firm, has sold a significant amount of Ethereum (ETH) worth $97.7 million.

The sale occurred over 10 days and involved transferring 50,115 ETH to exchanges, Binance and OKX. In return, the wallet withdrew approximately $102.5 million in Tether (USDT) and USD Coin (USDC).

Despite this substantial ETH sell-off, Ethereum's price has exhibited resilience, rising by 1.26% in the past 24 hours to reach $1,960.38. However, it remains below the crucial $2,000 level and has posted a negative weekly performance of -4.35%.

Additionally, daily trading volume has declined by 31.25%.

From a technical perspective, ETH is currently trading within a descending price channel. If the price dips below the $1,945 support level, it could potentially fall to $1,830. On the other hand, if ETH manages to stay above $1,945 for the next 72 hours, a positive trend could emerge. This could lead to a breakout above the descending price channel and establish $2,065 as a new support level.

The recent ETH sale by HashKey could indicate a shift in sentiment among major cryptocurrency firms. However, the price action suggests that there is still underlying support for ETH, and a positive trend could materialize if the $1,945 support level holds.