Ethereum Price In Danger As Whale Moves $33M ETH To Binance

Since Ethereum’s price broke out of its multi-month consolidation phase on March 10, the altcoin with the largest market cap has had a terrific start, contributing to its skyrocketing rise in value. The leading cryptocurrency had a sweet price advantage today as it crossed the $1800 threshold on Saturday. However, according to recent market data, around 18,657 ETH has been caught transferring to the Binance exchange, which casts doubt on the potential sale that occurred, resulting in a drop in the price of Ethereum.

$33 Million ETH Transferred

In a recent development in the crypto market, a large number of ETH tokens were seen being transferred all at once on Saturday afternoon. According to blockchain data, an unknown wallet transferred 18,657 ETH tokens, which translates to nearly 33,130,424 USD to Binance, the world’s largest crypto exchange by market share.

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An unknown wallet, allegedly from a wealthy whale, started transactions at 1:30 a.m. ET with a fee of only $1 as a transaction fee on the Ethereum blockchain. In most cases, when a large number of tokens are transferred to an exchange, it is usually an indication of prospective selling activity, which lowers the price of the cryptocurrency. However, there has been no significant change in the ETH price since the transfer.

Ethereum Price Action

Even if this scenario turns out to be invalid, Ethereum’s price has taken a breather as it drops back down to the $1,790 range after hitting a high of $1,840 earlier in the day. According to projections by leading crypto analysts, if the market continues to suffer further losses, the price of Ethereum could drop back down to the $1,650–1,700 range.

As it stands, the ETH price is currently trading at $1,794, which represents a 0.05% decrease over the past hour compared to the 3.18% gain recorded over the previous 24 hours. Additionally, it should be noted that the ETH technical analysis (TA) indicator on CoinGape price tracker currently recommends “strong buy” positions, suggests “buy” at level 16 and “sell” at level 1 with its moving averages.

Also Read: Hedera’s Patented Token Recovery System Will Go Live Soon; What Does This Mean For HBAR Prices?

Pratik has been a crypto evangelist since 2016 & has gone through almost everything crypto has to offer. Be it the ICO boom, the bear market of 2018, Bitcoin halving to now – he’s seen it all.

The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication is not responsible for your personal financial loss.