Ethereum News: Suspicious ETH Dump Sparks Money Laundering Concerns, But Analyst Remains Bullish

Recent developments in the Ethereum ecosystem have raised some concerns regarding potential money laundering activities, but an analyst remains optimistic about the cryptocurrency’s future.

Suspicious $ETH Dump Raises Money Laundering Concerns

Today, two newly created wallets sold 14,064 Ethereum ($ETH) for 27.5 million $DAI at an average price of $1,959. The transactions, which took place through decentralized finance (DeFi) platforms THORChain and Chainflip, have sparked suspicions of money laundering due to the fresh origin of the $ETH through these protocols. Blockchain analytics firm Spot On Chain reported this in a tweet.

Analyst Reveals Bullishness On Ethereum Price, Projects $4,000 Target

The Ethereum price has experienced a sharp decline in recent months, underperforming compared to Bitcoin (BTC) and Solana (SOL). Despite this, crypto analyst Astronomer remains bullish on ETH, predicting a potential recovery to $4,000 before the end of the bull cycle. The analyst highlights several technical signals suggesting ETH could revisit this key price target, with the current price positioned at a clear support zone between $1,700 and $1,900.

Ethereum Retail Sentiment Hits Rock Bottom – Potential Breakout Rally?

The U.S. government and institutional investors have been selling Ethereum (ETH) in large quantities, leading to a significant price drop. In the last 24 hours, ETH has fallen by 5.75% with the possibility of further declines. Retail investors are also joining the selling wave, which could exacerbate market losses. AMBCrypto’s analysis suggests that a historical trend of ETH bouncing back after sell-offs no longer exists, indicating potential for intensified losses if selling continues.

Hackers Accelerate ETH Decline Following $27 Million Dump

Ethereum saw declines on Friday due to dumps from hacker-related wallets reportedly connected to recent scam attacks on Coinbase users, leading to $46 million of stolen funds. Additionally, a jump in February PCE inflation data escalated ETH losses, causing the price to fall below $2,000. The hackers bridged the tokens to Ether through ThorChain and dumped 14,064 ETH, worth $27.5 million. The US Bureau of Economic Analysis also reported a rise in the CORE Personal Consumption Expenditure (PCE) price Index in February, contributing to a market-wide decline among cryptocurrencies.