The cryptocurrency market is starting to show signs of vitality again. Leading crypto Bitcoin is up over 33% on a weekly basis, while leading altcoin Ethereum has managed to rise over 22%. These increases have mobilized the whales. A mysterious whale was caught moving $33 million worth of ETH to Binance.
Whale transfers $33M worth of ETH to Binance
Ever since the price of Ethereum exited the multi-month consolidation phase on March 10, the altcoin with the largest market cap has had a bright start. This move contributed to a meteoric increase in its value. The leading altcoin earned itself a sweet price boost today, breaking the $1,800 threshold on Saturday. However, according to the latest market data, around 18,657 ETH has been caught being transferred to the Binance exchange. This casts doubt on a potential sell-off and sets alarm bells for a price drop for Ethereum.
In a recent development in the crypto market, large amounts of ETH tokens were transferred in one go, late Saturday afternoon. According to blockchain data, an unknown wallet transferred 18,657 ETH tokens to Binance, the world’s largest crypto exchange by market share, corresponding to approximately $33,130,424. This transaction of an unknown wallet supposedly owned by a wealthy whale cost him only $1 in transaction fees on the Ethereum Blockchain. In most cases, when such a large amount of tokens are transferred to an exchange, it is usually an indication of possible selling activity that is driving the prices of that cryptocurrency down. However, there has been no significant change in the ETH price since the transfer took place.
Altcoin price action
Even if this scenario turned out to be invalid, Ethereum’s price took a breather as it dropped to the $1,790 range after hitting $1,840 earlier in the day. As we reported on cryptokoin.com, according to the forecasts of leading crypto analysts, if the market continues to lose more, the price of Ethereum could return to the $1,650-1,700 range again.
Currently, ETH is currently changing hands at $1,794. This represents a 0.05% drop in the last hour, as opposed to a 3.16% gain in the previous 24 hours. Additionally, ETH’s technical analysis (TA) indicators currently suggest a ‘strong buy’ position. In addition, it should be noted that according to its moving averages, it recommends ‘buy’ at level 16 and ‘sell’ at level 1.
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