Binance Acquired $505M Ethereum; Will ETH Move to Bull Zone?

• Binance received $505 million worth of Ethereum.
• The ETH price was down and traded at $1,828.

The largest cryptocurrency exchange by daily trading volume, Binance, recently acquired Ethereum (ETH) tokens worth over $505 million from an unknown wallet. This transaction was recorded as one of the “largest transfers in five years” from self-custody to a crypto exchange. 

273,781 Ether have been transferred from an anonymous wallet to the Binance exchange in the last 16 hours. According to the on-chain data tracked by Whale Alerts, this Ethereum transaction was worth $505 million at the time of transfer, which occurred on May 1, 2023, at 14:09:59 UTC. In addition, it triggered the ETH network to experience its largest daily exchange supply spike since the day before the “Merge,” as per the market intelligence platform Santiment.

Ethereum’s Uptrend is Over?

The price of Ethereum dropped below the $1,880 pivot level and entered a bearish zone. Similar to how Bitcoin fell below $28,000, ETH continued to decline as it traded below the $1,850 support.

Further, the altcoin price fluctuated near the $1,800 mark. A low has emerged, and the price is consolidating its losses near $1,805. Currently, ETH is trading below  $1,850 and the 100-hourly Simple Moving Average. On the hourly chart of ETH/USD, a significant bearish trend line with resistance near $1,835 is also appearing.

According to CoinMarketCap data, ETH traded at $1,828.41 with a 24-hour trading volume of $7.3 billion and a market cap of $219 billion. The Ethereum price is still down by over 1.15% in a day.

Overall, the activity of Ethereum whales may play a significant role in the volatility and overall direction of the Ethereum market. However, it’s important to note that cryptocurrency markets are complex and influenced by many other factors.

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