Ethereum’s run keeps bulls hostage

Ether experienced a decent increase above the $2,300 mark in the Monday trading session, amid growing concerns about the August Nonfarm Payrolls (NFP) data coupled with recent activities on Ethereum

The most recent US jobs report after July’s hiring slowdown was below Wall Street’s expectations of at least 160,000 new jobs, causing panic in financial markets.
Ethereum fell along with US equity prices after beginning to rise during the European trading session.

According to data from Farside Investors, Ethereum exchange-traded funds (ETF) saw negative flows for the third day in a row, exhibiting a similar trend. Interestingly, since their launch, ETH ETFs have only seen nine days of inflows compared to 23 days of outflows and one day of zero inflows. Its net outflows over time total 560 million

Recent transfers of $11 million in stolen Ethereum also sparked worries about a possible selloff in the market.

A North Korean hacking group moved the money early on Monday, September 9, to Tornado Cash, a service well-known for anonymizing cryptocurrency transactions.
The funds were connected to the July hack of the cryptocurrency exchange WazirX. At 07:19 UTC, 5,000 ETH, or more than $11 million at today’s exchange rates, were moved to a new address, according to data monitored by blockchain intelligence company Arkham. A short while later, five transactions totaling $1 point two million were sent to Tornado Cash.

Tornado Cash is used to conceal the source and destination of funds on the blockchain.  Although the service is legal in and of itself, its use in well-publicized hacks. The $4 million transfer from the same North Korean hacker’s address last week was followed by this most recent transfer. It still has more than $107 million worth of cryptocurrency holdings.

The stolen goods, which include $100 million in ETH, are a sizeable amount of WazirX’s reserves. Restructuring of the exchange is underway to deal with the aftermath of the attack, which is still one of the biggest in an Indian digital exchange.

The time of these significant transfers has raised worries that Ethereum’s price may continue to decline. After multiple price corrections in August, Ethereum, currently trading at $2,320, is already in a precarious position.

The altcoin may drop toward $2,100 in the upcoming week before staging a rally, , according to a symmetry triangle’s descending trendline that it has broken below. Before mounting a comeback, ETH experienced comparable drops from July to October 2023 and August to November 2022.