Whale moves $33 million worth of Ethereum to Binance in one go: What this means for ETH

Lockridge Okoth
Lockridge Okoth

19 Mar 2023 12:20 AM

Ethereum price (ETH) earned a significant price gain on March 18 when it broke beyond the $1,800 level. However, recent market data shows that a signi...

  • A whale transferred $33 million worth of Ethereum to Binance in a single transaction, causing the price to drop 2.53% from $1,807 to $1,761.
  • The transfer raised doubts about a possible sale happening, which could further drive down the asset's price.
  • The current bullish narrative for ETH would only be invalidated once the price crosses below the $1,636 level.
  • The Ethereum price could drop to the $1,500 psychological level before buyers can attempt a recovery, constituting a 15% downswing from current levels.
  • The Ethereum price could resume its uptrend if Bitcoin remains bullish above $27,000 and ETH bulls hold forte by increasing their buying pressure.

The article presents a mixed sentiment, with negative news about the whale transfer causing a drop in Ethereum price, but also positive news about the upcoming Shanghai update and the potential for the price to resume its uptrend.

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Related Questions

What caused the drop in Ethereum price?
What is the current bullish narrative for ETH?
What could happen if the Ethereum price drops below the $1,636 level?
What factors could enable Ethereum price to soar in value near term?
When will the Shanghai upgrade to the Ethereum network take place?

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