The ARB Foundation moved 90K ETH to Binance, raising concerns of a potential ETH sell-off.
Ethereum’s price may drop if the 0.236 Fibonacci barrier on its periodic display disintegrates.
Traders are closely watching the economy as large transfers often signal upcoming sell-offs.
A major ETH transfer by a whale storage to Binance has caused fears of a possible sell-off. The wallet linked to the ARB Foundation moved 90,000 ETH worth around $226 million within the previous day. This large transfer has led to concerns that Ethereum's price might drop.
Impact on Market Sentiment
The ARB Foundation, known for its work in mental health, made this large transfer, which alarmed many in the crypto community. Onchain tracker The Data Nerd reported the movement of 60,000 ETH to Binance after an earlier transfer of 30,000 ETH. This activity has led traders to think the Foundation could be planning to sell its Ethereum holdings.
https://twitter.com/OnchainDataNerd/status/1830079845100827090?ref_
Large transfers to exchanges like Binance often suggest a coming sell-off. As a result, the community is watching the situation closely. Could this action affect the broader purchasers or is it just a regular move?
Ethereum’s Price Action and Technical Indicators
Ethereum's recent cost . movement shows the growing worry in the commerce. Even though Ethereum closed at $2,519 with a 2% increase, many are still cautious. Ethereum’s 24-hour trading volume also surged by 76% to $14 billion, which shows increased activity and concern about a possible sell-off.
source : coinmarketcap
The coin is now testing the 0.236 Fib level on its daily chart, which is important for short-term price moves. If this level fails, Ethereum might drop to the $2,116 support level that was set during the August 5 market crash.
Market Implications and Broader Trends
Ethereum holds 14% of the cryptocurrency market,, while Bitcoin dominates with 56%. Any major action involving Ethereum could impact the wider market. The volume-to-market cap ratio is 4%, which suggests active trading and the potential for more volatility. The crypto community remains alert and is watching for more developments that could affect Ethereum and the overall market. Will this whale's actions lead to a bigger market drop or will Ethereum hold steady?
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