Over 150,000 ETH Moved To Exchanges In The Last 24 Hours: What’s Next For Ethereum?
2024年9月21日 - 4:00PM
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Ethereum is rising, adding a decent 5% on the last day and nearly
10% over the past trading week, according to CoinMarketCap data. As
ETH shakes off weakness, breaking above the local resistance– now
support– at around $2,400, confidence is high. Over 150,000 ETH
Moved To Exchanges All the same, IntoTheBlock data on September 20
reveals that when prices rose, breaking above $2,400, all within
the last 24 hours, more coins were moved to leading exchanges,
including Binance and Coinbase. According to the blockchain
analytics platform, over 150,000 ETH were transferred to these
platforms, a dent to bullish momentum and sentiment. Related
Reading: XRP Price Surge Could Hit 9,470% — Analyst Predicts $27
Target In Bold Forecast Typically, whenever coins are moved to
exchanges, it could signal the intention of holders to sell. This
is because, on centralized ramps like Binance or Kraken, ETH is
paired with other crypto assets like Solana or Bitcoin and with
stablecoins such as USDT and fiat, including the USD or JPY.
Accordingly, when these assets hit these ramps, it is easier for
holders to liquidate, convert the coin to other assets, or even
cash out via fiat or stablecoin. It is still determined whether the
over 150,000 ETH sent to exchanges have been sold. All the same,
the transfer is also a concern. This is especially true considering
that the transfer is the largest to exchanges in over nine months.
Ethereum Breaking Higher, What’s Next? At spot rates, Ethereum is
breaking higher. The local support is at $2,400. Moreover, buyers
are in the driving seat following the confirmation of the September
13 bull bar. Although ETH bulls must close above $2,800 for trend
definition, the short-term move supports bulls. If the coin closes
above $2,800, it could set the base higher to $3,500 for another
swing. Following the break above $2,400, Ethereum bull bars are
already beginning to band along the upper BB. This development
points to increasing volatility and build-up of buying pressure.
Related Reading: BNB Rides Bullish Wave After 100-Day SMA Breakout,
Next Stop $605? Amid this transfer, it is also emerging that the
Ethereum Foundation is liquidating. Earlier today, Spot On Chain
data shows they sold 300 ETH for over 763,000 DAI. Even so, this is
not the first time the Foundation is unloading ETH. Over the past
week, they have sold over 650 ETH. Feature image from DALLE, chart
from TradingView
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