Galaxy Digital Deposits 15K ETH to Exchange

A Galaxy Digital OTC-linked address just deposited 15,000 ETH valued at $34.74 million into an exchange, with on-chain tracing revealing the funds stem from a 38,000 ETH withdrawal from Aave exactly one week ago—the same day the Kelp DAO exploit rocked the protocol, sparking fears of substantial bad debt for Aave. This move echoes the ongoing fallout from the attack, where Kelp DAO paused contracts and collaborated with Aave and LayerZero to mitigate impacts, potentially leaving Aave exposed to losses up to $230 million as recovery efforts drag on. Traders eye this amid broader ETH price prediction debates, especially with Bitcoin (BTC) volatility influencing the crypto market crash risks.

On the 4-hour ETH chart, price action clings to $2308.85 in a clear bearish structure, pinned below the EMA50 at $2329.65 while the EMA200 at $2247.54 acts as a distant floor that could magnetize deeper pullbacks if selling accelerates. MACD's death cross at 1.18 underscores weakening momentum, with RSI at 43.57 hovering neutral but vulnerable to downside breaks, and the price trading snug inside Bollinger Bands—upper resistance at $2377.39 capping any fleeting rallies, lower support at $2281.26 likely to yield under pressure, setting up a probable test of that EMA200 confluence for savvy shorts before any reversal hints emerge.