Ethereum Price Prediction as FTX Hacker Begins Dumping $200 Million ETH Holdings

cryptonews.com:

The Ethereum price has dropped by 7.5% in the past 24 hours, as proceeds from last week's FTX 'hack' have begun being dumped on the market. As of writing, the address associated with this breach continues to hold over 200,000 ETH (worth more than $223 million), suggesting that the price of the second-biggest cryptocurrency may continue to experience strong downward pressure in the coming weeks.

The identity of the address' owner is currently a matter of dispute, with Reuters reporting over the weekend that the Securities Commission of the Bahamas had seized assets belonging to FTX's Bahamas Unit. However, blockchain forensics firm Chainalysis has reported that some funds have indeed been stolen from FTX.

Ethereum's price chart currently makes for some grim reading, with its relative strength index (purple) plunging from 40 to nearly 30 in the past few hours. It's likely to continue falling in the next few days and may not come back up for air until it falls close to 20.

At the same time, ETH's 30-day moving average (red) is sinking further below its 200-day average (blue). Again, this likely won't stop until it falls much further, especially when there is around 200,000 ETH waiting to be sold.

Speaking of this stash of ill-gotten cryptocurrency, rumors abound as to who may be responsible for lifting it. While many are discussing the FTX 'hack' as if it were a run-of-the-mill security breach, others are suggesting that it's the result of some kind of inside job. This is a possibility given some credence by reports that CEO Sam Bankman-Fried had a 'backdoor' to customer funds, enabling him to move deposited crypto without alerting its automatic reporting mechanisms.

And while the securities regulator in the Bahamas has