Ethereum Bearish Signals Worsen as Genesis Whale Offloads $14.5M ETH

Currently, Ethereum is trading at $3,431, reflecting a pullback of 1.79% over the last 24 hours. Amid the reversal, the 4-hour chart shows a potential death cross, which indicates increasing bearish momentum.

Additionally, a negative crossover between the 100 and 200 EMA lines could be on the horizon. The 4-hour RSI line has also dropped below the midpoint after moving sideways, reflecting an increase in selling pressure.

As technical signals turn bearish, an Ethereum ICO whale offloaded 4,160 ETH tokens, valued at approximately $14.5 million. The whale chose Kraken as the exchange; the deposit occurred a few hours ago.

Notably, this whale received 20,000 ETH in July 2015, valued at $6.2K at that time. After staking the received tokens for rewards, the whale sold ETH during previous bullish peaks and still holds 7,943 ETH, worth $24.6 million at current prices.

Technical indicators are flashing sell signals for Ethereum in the short term. Additionally, the failure of the Adam and Eve pattern highlights significant overhead supply.

As a result, Ethereums price is likely to test immediate support levels at $3,392 and $3,244.

On the flip side, if the broader market recovers, ETH could challenge the $3,500 supply zone again.