As a seasoned crypto investor with years of experience under my belt, I must admit that the recent surge in Ethereum has piqued my interest. The 5% increase in just one day and a whopping 10% over the past week is nothing short of impressive. Breaking above the local resistance at $2,400 instills a sense of confidence that the bearish trend might finally be coming to an end.
Ethereum has experienced a notable increase, adding approximately 5% in the last day and almost 10% over the course of the recent trading week, as reported by CoinMarketCap. As Ethereum sheds its temporary weakness and surges above the previous local resistance level, now acting as support, around $2,400, optimism is running high among investors.
Over 150,000 ETH Moved To Exchanges
Even so, information from IntoTheBlock on September 20 indicates that as prices surged past $2,400 in the past 24 hours, there was an increase in the transfer of more cryptocurrencies to prominent exchanges like Binance and Coinbase.
Based on data from a blockchain analysis tool, approximately 150,000 Ether was moved to these platforms, which could potentially dampen the bullish trend and overall optimism in the market.
Generally speaking, transferring coins to exchanges often indicates that holders might be planning to sell. This is due to platforms like Binance or Kraken allowing ETH to be traded against various cryptocurrencies such as Solana or Bitcoin, as well as stablecoins like USDT and fiat currencies like USD or JPY.
Therefore, once these assets reach these price levels or “ramp-up” points, it becomes simpler for owners to sell, exchange their coins for other assets, or even withdraw funds through fiat currency or stablecoins.
The question remains if the large amount (over 150,000 ETH) recently transferred to exchanges has been offloaded. Regardless, this transaction raises some concerns, given it’s the biggest one in more than nine months.
Ethereum Breaking Higher, What’s Next?
In simpler terms, Ethereum is currently surging past its current positions at spot rates. The lower boundary for this rise is roughly $2,400. Furthermore, the momentum seems to be with the buyers after the confirmation of a bullish candlestick pattern on September 13th. While Ethereum bulls need to push beyond $2,800 to clearly establish an uptrend, the recent movement suggests a bullish outlook in the short term.
If the coin surpasses $2,800, it might raise the foundation for further growth up to $3,500. After breaching $2,400, Ethereum’s price bars are starting to align near the upper boundary of its moving average band. This alignment suggests an increase in volatility and growing buying demand.
During this transition, it’s additionally being discovered that the Ethereum Foundation is in the process of dissolving. Today, information from Spot On Chain indicates they sold 300 Ether for approximately 763,000 DAI. It’s worth noting that this isn’t the first time the Foundation has sold Ether. Over the past week, they have offloaded over 650 Ether.
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2024-09-21 10:16