The transfer of 18,657 ETH to the Binance exchange, as reported by recent market data, raises questions about a prospective sale and lowers Ethereum’s price.
The largest market capitalization altcoin has started off hotly ever since Ethereum’s price exited its multi-month phase of consolidation on March 10, helping to fuel a spectacular spike in its value.
Due to its Saturday break through of the $1800 barrier, the leading cryptocurrency saw a delicious price increase today.
Transferred $33 million worth of ETH :
A significant transfer of ETH tokens in one go was seen on late Saturday midday in a recent development in the cryptocurrency market.
Blockchain data shows that an unidentified wallet sent 18,657 ETH tokens, or about 33,130,424 USD, to Binance, the biggest cryptocurrency exchange in the world by market share.
At 1:30 AM ET, the unidentified wallet, purportedly belonging to a wealthy whale, started the transaction on the Ethereum network, which only cost him $1.
When such significant sums of tokens are sent to an exchange, it is typically a sign of impending selling activity, which lowers the price of that cryptocurrency. Although the price of ETH hasn’t changed significantly since the transfer, there hasn’t been any substantial shift in its pricing.
Pricing of Ethereum :
The price of Ethereum has dropped back into the $1,790 region after hitting a high of $1,840 earlier in the day, even if this hypothetical situation proves to be untrue.
If the market experiences further losses, Ethereum’s price may return to the $1,650–1,700 region, according to predictions made by renowned crypto specialists.
As of right now, the price of ETH is trading at $1,794, a decline of 0.05% over the last hour compared to a gain of 3.18% during the previous 24 hours.
Also, it should be noted that ETH’s technical analysis (TA) indicators at CoinGape’s price tracker currently advise a “strong buy” stance, advocating a “buy” at level 16 and a “sell” at level 1 by its moving averages.