Ethereum Price Struggles as Whales Signal Offloading
A significant movement of Ethereum and Bitcoin to Binance has recently taken place, with Ceffu depositing 28,865 ETH, valued at approximately $66.74 million, and 450 BTC, valued at $26.5 million. This substantial whale activity has sparked interest due to the potential impact these deposits could have on the market.
Ceffu stands as one of the major holders of digital assets, currently possessing 178,687 ETH totaling around $411 million and 10,737 BTC worth approximately $628 million. The large-scale transactions have raised concerns about a potential sell-off, which could result in increased volatility in Ethereum’s price.
Despite the influx of Ethereum into Binance, ETH has struggled to make significant gains over the past 24 hours. At the latest report, Ethereum’s price hovers around $2,315, reflecting only a marginal 0.62% increase from the previous day. This price movement coincides with a decrease in trading volume by 12.69% to $13.7 billion. While Ethereum’s market cap stands at $278.5 billion, recent whale activity suggests underlying pressure on the asset’s short-term performance.
In a previous move, Ceffu transferred 3,123 BTC ($181 million) to Binance four days ago, potentially indicating a plan to sell off assets. Since August 1, the entity has moved 12,320 BTC (worth $718.8 million) and 85,347 ETH (worth $210 million) to the exchange. Subsequently, they withdrew $515 million USDC and $514 million USDT, hinting at strategic financial operations that have sparked discussions regarding potential price fluctuations.
Analyzing Ethereum’s technical charts reveals that the cryptocurrency has been trading within a narrow range while overcoming crucial resistances. Ethereum attempted to breach the $2,320 level but failed to sustain gains above it, forming a falling wedge pattern often signaling an upward breakout. ETH has surpassed the initial resistance at approximately $2,320 and now targets the next level at around $2,400. However, a failure to maintain upward pressure could lead Ethereum to retest lower support levels around $2,260.
The Awesome Oscillator, indicating market momentum, displays green bars suggesting bullish divergence and the potential for upward movement in the short term if ETH remains above this level. Despite these positive indicators, the overall outlook remains subdued, especially considering Ceffu’s ongoing actions and potential future disposals. As traders await the market’s next move, the focus remains on Ethereum amid the possibility of further large-scale transactions that could introduce market fluctuations.
