Whale transfers 4,000 ETH to Bitfinex, Ethereum price under threat
4,000 #ETH transferred to #Bitfinex , market uncertainty.
Despite support from the golden cross, the price is struggling around $BTC sales are testing support at $BTC #Ethereum traders are on high alert after a massive transaction involving 40000 ETH. The amount is valued at approximately $146.08 million and was transferred from an unknown wallet to the Bitfinex exchange. How will the Ethereum price react to this news?
The transfer has caused uncertainty about Ethereum's continued bullish momentum, as the cryptocurrency has been consolidating above $3,600 in recent weeks. Historically, such large transfers are associated with potential selling, and there are concerns that volatility will increase in the short term.
A golden cross was detected on the four-hour chart when the 13-period moving average is above the 49-period moving average. This is a bullish signal, which means that the short-term trend is positive and prices are likely to rise in the near future.
By supporting the golden cross, Ethereum keeps prices above these moving averages, which increases traders' confidence. Ethereum is consolidating near its recent highs and is trading at $3,642 at the time of writing.
However, the future of Ethereum remains uncertain as traders are unsure if this is a sign of selling after the recent whale of a move.
This is due to the fact that Ethereum failed to firmly break through the $3,645 resistance level.
The Ethereum price chart shows a clear pattern of support and resistance levels that will determine further movement. The first support is at $3,627, which coincides with the 13-period moving average. This level provided short-term stability and allowed Ethereum to break above the key level.
Just below this level, we can see a strong support level at $3,528, which is the 49-period moving average and the previous range.
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