Ethereum News Today: Ethereum Price Falls Below $3,900 as HashKey Transfers $47M ETH to OKX Sparking Sell-Off Fears

Ethereum’s price slipped below $3,900 on Friday after a wallet linked to HashKey Capital, a major crypto investment firm, transferred 12,000 ETH ($47.18 million) to OKX, sparking fears of a potential institutional sell-off. On-chain tracking platform Lookonchain reported the transaction, which occurred just two hours prior and has intensified scrutiny over short-term market dynamics. While the move alone does not confirm a dump, it aligns with patterns where large transfers to centralized exchanges often precede selling activity.

Analysts noted that Ethereum remains technically resilient above $3,800, a critical support level. The asset’s relative strength index (RSI) at 59.21 suggests neutrality, while the MACD indicator shows a slight bearish crossover, hinting at possible profit-taking. Key support zones around $3,865–$3,870 and the broader $3,800 threshold are seen as crucial for maintaining an uptrend. “I wouldn’t be surprised to see a short correction or a liquidity sweep before the next leg up,” said Michaël van de Poppe, a top crypto analyst, emphasizing the lack of strong momentum in Ethereum’s recent breakout [1].

The timing of the transfer coincides with elevated macroeconomic uncertainty. The U.S. Federal Reserve’s upcoming interest rate decision—a key event influencing risk assets—has prompted institutions to potentially de-risk holdings. Van de Poppe added that such volatility could create short-term trading opportunities but might test long-term investor confidence. Meanwhile, Ethereum’s fundamentals remain robust, supported by institutional interest, developments in decentralized finance (DeFi), and speculation around spot ETFs.

Market participants are closely watching whether Ethereum can retest $4,000 in the coming weeks, a level analysts view as a near-term target if macro conditions remain favorable. However, large players like HashKey offloading assets could trigger short-term caution. The Fed’s decision, expected soon, may act as a catalyst—either stabilizing the market or exacerbating profit-taking.

While the $3,800 support level holds, Ethereum’s trajectory hinges on balancing institutional activity with broader market sentiment. A decisive break below $3,800 would signal a more significant correction, but current indicators suggest a sideways consolidation phase. Investors are advised to monitor on-chain flows and macro developments as key variables shaping Ethereum’s near-term outlook.

Source: [1] [Is HashKey Capital About to Dump $47M Worth of Ethereum?](https://coinpedia.org/news/is-hashkey-capital-about-to-dump-47m-worth-of-ethereum/)