Ethereum Drops Below $1200 As FTX Drainer Swaps 5K Ethereum For Bitcoin

Ethereum’s price is trading below $1,200 on Sunday, charting a decrease of around 3.5% in the past 24 hours.

This happens because the FTX account thief swaps ETH for wrapped Bitcoin.

Data from the popular security resource, PeckShield, revealed that the address that drained funds from FTX is swapping ether for BTC.
The “FTX Account Drainer” dumped around $6 million worth of ETH (around 5K ETH) and bought 357 renBTC.

This is causing pressure on ETH’s spot price, which is currently down some 3.5% (on Binance) for the past 24 hours.
As to who the drainer may be, CryptoPotato recently reported that the Securities Commission of the Bahamas assumed control of associated assets. A media release was shared by authorities:

On 12 November 2022, the Securities Commission of The Bahamas, in the exercise of its powers as regulator acting under the authority of an Order made by the Supreme Court of The Bahamas, took the action of directing the transfer of all digital assets of FTX Digital Markets to a digital wallet controlled by the Commission, for safekeeping.

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Ethereum’s Next Big Move: 3 Bullish Signals That Could Skyrocket ETH

TL;DR

Although ETH has been largely the biggest disappointment of the current cycle that started last year, there are certain factors suggesting it has a lot of room for growth, which could be around the corner.
Whales are back on the offensive, and the declining sentiment could result in price reversal in the short term.

3 Factors Say Yey ETH

Data from Lookonchain suggests that Ethereum whales have reversed their strategy and have started to accumulate once again. The analytics platform outlined an address linked to Metalpha that has purchased roughly $50 million worth of the second-largest digital asset since April 1.

Another one withdrew almost $100 million in ETH out of GateIo, and a third one transferred more than 10,000 ETH from Bybit.

Whales are accumulating $ETH!

A wallet linked to Metalpha has withdrawn 29,000 $ETH($48.73M) from #Binance since Apr 1.

0xd81E has withdrawn 46,577 $ETH($97.26M) from #Gateio since Feb 15.

0x6034 has withdrawn 10,091 $ETH($18.8M) from #Bybit since Mar 12.… pic.twitter.com/yUXpsLTjQm

— Lookonchain (@lookonchain) April 18, 2025

Whales accumulating again is a good sign for the underlying asset, as it reduces the immediate selling pressure and could lead to FOMO among smaller investors.

The second positive sign for ETH’s future price performance is the Market Cap to Realized Cap (MVRV) Price Band. The metric is used to determine the “best” buying opportunities when Ethereum dips below it, which is the current situation.

The best #Ethereum $ETH buying opportunities have historically occurred when price dips below the lower MVRV Price Band, and that’s exactly where it is now! pic.twitter.com/qVg9R2ewpe

— Ali (@ali_charts) April 19, 2025

Rain told their 100,000 followers on X that Ethereum’s cycles tend to repeat themselves in a compelling manner. Basing their findings on the historical sentiment around the largest altcoins, the analyst determined that ETH will reclaim its strength and aim at $10,000 and beyond. This will shift the entire market structure, which includes “new narratives, new capital rotation, and new leaders.”

Is It Already Different?

Just a few days ago, CryptoPotato reported that different types of investors had sold off substantial portions of their ETH holdings. These included whales, Galaxy Digital, smaller investors, and those who entered through the ETFs.

However, the information above, including the accumulation by whales, suggests that the ETH market has reached an exhaustion point. After all, the asset is down by 60% since its December 2024 peak. For comparison, BTC, which actually managed to break its previous ATH, is down by only 22% since the January high.

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Ethereum

Ethereum Price Stalls as Lightchain AI Launches Developer Grant Program

This content is provided by a sponsor. PRESS RELEASE. Ethereum prices have remained relatively flat, causing crypto investors to shift their gaze to new opportunities poised to disrupt the blockchain landscape. One such opportunity making waves is the Lightchain AI Developer Grant Program. With its unique focus on integrating artificial intelligence (AI) with blockchain technology…
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Ethereum

Crypto Price Analysis April-18: ETH, XRP, ADA, SOL, and HYPE

This week, we examine Ethereum, Ripple, Cardano, Solana, and Hype in greater detail.

Ethereum (ETH)

It was a quiet week for Ethereum that only managed a small 1% price increase. This is because, lately, it has been moving sideways around $1,600. This lack of momentum shows indecision with market participants unsure if the ETH downtrend will resume or not.

The current price action is similar to early March, when Ethereum hovered around $1,900 for about a week before sellers returned. If nothing changes, ETH may fall to its key support at $1,400.

Looking ahead, this cryptocurrency continues to show weakness. The lack of momentum is concerning, and buyers have to break the resistance at $1,800 to bring back optimism.

ETHUSDT_2025-04-18_17-22-27 — Chart by TradingView

Ripple (XRP)

This week, XRP managed to defend its key support at $2 and booked a 2% price increase. This is a positive sign that shows buyers are serious about keeping this cryptocurrency above $2.

While the bullish momentum is not there yet, the current price level can serve as a great pivot point for higher levels in the future, with $2.3 and $2.6 as key targets before the major resistance at $3.

Looking ahead, XRP has a good chance to return on a sustained uptrend in the medium term and aim for $3. To achieve that, buy volume has to increase considerably in the future.

XRPUSDT_2025-04-18_17-23-07 — Chart by TradingView

Cardano (ADA)

While XRP has found good support, the same cannot be said about ADA. It failed to reclaim its previous support at $0.64, which is now acting as a resistance, with sellers having an advantage on the chart.

If buyers remain absent, then the next key support levels will be found at $0.5 and $0.45. While the daily MACD turned bullish, the buy volume is simply not there to challenge the resistance at $0.64.

Looking ahead, Cardano is found in a flat trend with buyers unable to make their presence felt. For this reason, it is unlikely to see any major moves from this cryptocurrency at this time.

ADAUSDT_2025-04-18_17-24-09 — Chart by TradingView

Solana (SOL)

Solana increased by 13% this week, making it the best performer on our list. This comes after the price broke above $118, which used to act as resistance.

This uptrend may continue uninterrupted until $150 where sellers returned in the past, most recently in late March. While the path is clear for higher levels, buyers will need to turn $150 into a key support if they want to sustain this rally.

Looking ahead, SOL is experiencing a relief rally after its most recent drop. While sellers are absent right now, they can return once the price approaches the key resistance at $150. Best to be cautious there.

SOLUSDT_2025-04-18_17-23-49 — Chart by TradingView

HYPE is the second-best performer on our list this week with a 10% price increase. This comes after it entered a sustained rally since touching $9. Considering it reached $17 recently, that means it jumped by over 80% within a relatively short period of time.

While its rally in early April was quite strong, sellers have started to make their presence felt more in the past week with each new high being met by increased sell pressure. This can also be seen on the daily sell volume which is making higher highs.

Looking ahead, HYPE had a fantastic run, but this is starting to show some weakness with buyers becoming exhausted. This is why a pullback becomes more likely at these levels since sellers are returning.

HYPEUSDT_2025-04-18_17-25-27 — Chart by TradingView

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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.