Genesis Trading Deposits 1,482 ETH to Exchanges

Genesis Trading, the bankrupt crypto lender, just transferred 1,482 ETH valued at $3.38 million to major exchanges including Binance, OKX, and Bybit. This move aligns with ongoing asset liquidations following its 2023 bankruptcy filing, where creditors pushed for repayment amid a broader crypto market crash. Traders eye this as fresh selling pressure on Ethereum holdings, especially as Bitcoin (BTC) hovers in similar bearish territory.

On the 4-hour ETH chart, price clings to $2,246.24 inside Bollinger Bands, testing the lower support at $2,220.10 while the upper resistance looms at $2,365.37 signaling volatility exhaustion. Bearish confluence builds with the MACD death cross at -17.66 confirming downside momentum, and the EMA200 at $2,252.74 acting as immediate resistance—price rejection here could drive a retracement toward EMA50 support at $2,306.26. RSI at 39.55 stays neutral, but in this setup, institutional sellers like Genesis amplify risks for an ETH price prediction tilting lower before any rebound.