The meteoric rise of the Ethereum price was suddenly interrupted on Saturday as a considerable amount of the digital asset was transferred to the Binance exchange.
The transfer, which occurred at 1:30 AM ET, sent shockwaves through the market and raised concerns about a potential selloff, causing ETH to lose a significant portion of its market value. Despite earlier gains, the largest altcoin by market cap is currently facing uncertainty as investors nervously await further developments.
Ethereum Price Rattled by Udden Whale Move
After a long period of consolidation, ETH broke on March 10, and the altcoin is off to an impressive start, leading to an increase in value.
In a bullish move, the top altcoin rose above the $1,800 mark, securing a significant price gain. However, the positive sentiment was short-lived as market data revealed that approximately 18,657 ETH (around $33,130,425 at current rates) were recently transferred to the Binance exchange, causing concern among investors.
At transaction has cast doubt on the possibility of a potential sell-off, leaving the largest altcoin with a market cap vulnerable to a drop in value.
Source: Whale Alert
When a whale moves a coin, it may signal sentiment toward the asset. For example, if the whale sells a significant amount of Ethereum, it may indicate that they believe the price has peaked or have lost faith in the asset’s potential. This can cause panic among other investors, which leads to a drop in prices.
At 1:30 AM ET on Friday, an unknown wallet, believed to be a rich whale, made a transaction on the Ethereum blockchain with a transaction fee of just $1. The impact of this transaction resulted Ethereum price to decrease by 2.53% from the previously reported value of $ 1,807, and was sold at $ 1,777 at the time of this writing, data from the crypto market tracker CoinMarketCap shows.
Pope Transfers $33 Million Worth Of ETH To Binance; Is the price of Ethereum in danger?#crypto market #Binance #cryptotrading #cryptotrading #altcoins #NFT #ETH #NFT #Ethereum https://t.co/Vmf4PiLdFs
– NuWorld Crypto TV (@nuworldcrypto) March 18, 2023
Although the price of Ethereum has retreated, it still has room to grow before reaching the psychological resistance level of $2,000. Whether this will happen depends on various factors, including the macroeconomic environment and the cryptocurrency’s ability to maintain its current momentum.
Room For Recovery
If Bitcoin remains bullish above $27,000 and Ethereum bulls continue to add buying pressure, the price of Ethereum could continue to rise. Adding to the optimism, the Ethereum network recently confirmed its highly anticipated official launch date Shanghai updatescheduled for April 12.
ETH total market cap at $218 billion on the weekend chart at TradingView.com
Furthermore, the recent upheaval in the banking sector caused more liquidity to flow into the cryptocurrency market, resulting in a positive net flow of $35.8 million for the Ethereum network.
However, despite the positive developments, the price of ETH has now decreased slightly by 0.05% in the past hour, after a gain of 3.18% recorded in the previous 24 hours. However, investors remain optimistic about Ethereum’s price potential to continue its upward trajectory.
-Featured image from The Daily Hodl