Ethereum Faces Resistance at $3,200 as Whales Sell Off ETH
The cryptocurrency Ethereum is facing a significant barrier at the $3,200 mark, with a substantial number of addresses holding millions of ETH. Despite this, Ethereum is currently experiencing a 5% decline, trading at $3010. Recent trends in ETF flows have shown a net negative, primarily due to minor outflows from Grayscale. However, institutional accumulation remains steady, dispelling concerns of a ‘sell the news’ event following the halving.
In a recent development, several whales have offloaded a notable amount of ETH following the market downturn. Notable transactions include deposits to Binance by addresses 0x4353 and 0x4446, totaling millions of dollars worth of ETH. Address 0x488b sold stETH and wstETH tokens, while addresses 0x59e9 and 0xC47f made deposits to Coinbase, adding millions of dollars worth of ETH to the exchange.
Grayscale also transferred a significant sum of ETH to Flow Traders, marking the fourth transaction between the two entities in the past three months. FTX/Alameda also deposited a substantial amount of ETH to Binance, further contributing to market activity. These transactions reflect ongoing market dynamics and highlight the need for a new catalyst to reignite institutional interest in Ethereum and drive its price forward.
It is essential to note that this is not trading or investment advice, and individuals should conduct thorough research before buying any cryptocurrency or investing in any services. Stay updated with the latest news in Crypto, NFT, AI, Cybersecurity, Distributed Computing, and the Metaverse by following us on Twitter.
