Ever since Ethereum’s price broke out of its multi-month phase of consolidation on March 10, the altcoin with the largest market cap has gotten off to a blazing start, contributing to a meteoric rise in its value. The flagship cryptocurrency earned itself a sweet price gain today as it broke beyond the $1800 threshold on Saturday. However, according to recent market data, about 18,657 ETH has been caught transferring to the Binance exchange, which casts doubts on a potential sale taking place, resulting in a price slump for Ethereum.
$33 Million ETH Transferred
In a recent development in the crypto market, massive amounts of ETH tokens were seen to be transferred in one go on late Saturday noon. According to blockchain data, an unknown wallet transferred 18,657 ETH tokens, which translates close to 33,130,424 USD to Binance, the world’s largest crypto exchange by market share.
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The unknown wallet, supposedly of an affluent whale, initiated the transaction at 1:30 AM ET which cost him a mere $1 as a transaction fee on the Ethereum blockchain. In most cases, when such large amounts of tokens are transferred to an exchange, it is usually an indication of a prospective sell activity, which drives down the prices of that cryptocurrency. However, there hasn’t been any significant change in the price of ETH from the time of the transfer.
Ethereum Price Action
Even if this scenario turns out to be invalid, the price of Ethereum has taken a breather as it has eased back into the $1,790 range after reaching a high of $1,840 earlier in the day. According to the projections by prominent crypto analysts, if the market continues to suffer further losses, Ethereum’s price could retrace into the $1,650–1,700 range.
As things stand, the price of ETH is currently exchanging hands at $1,794, which represents a decrease of 0.05% over the past one hour as opposed to a gain of 3.18% recorded over the previous 24 hours. Additionally, it should be noted that ETH’s technical analysis (TA) indicators at CoinGape’s price tracker presently recommend a “strong buy” position, advising a “buy” at level 16 and a “sell” at level 1 by its moving averages.
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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.