The Last 24 Hours Saw Over 150,000 ETH Move To Exchanges: What's Next For Ethereum?
Ethereum gained 5% yesterday and over 10% last week, according to CoinMarketCap. ETH breaks over local barrier (now support) at $2,400, boosting confidence.
Over 150,000 ETH Exchanged
However, IntoTheBlock data on September 20 shows that more coins were transferred to Binance and Coinbase when values soared beyond $2,400 in 24 hours.
The blockchain analytics company reported over 150,000 ETH moved to various marketplaces, reducing positive sentiment.
Coins transported to exchanges usually indicate holders' desire to sell. On controlled platforms like Binance or Kraken, ETH is coupled with Solana, Bitcoin, USDT, and fiat such the USD or JPY.
These ramps make it simpler for holders to liquidate, convert the currency to other assets, or cash out via fiat or stablecoin.
The over 150,000 ETH delivered to exchangers may have been sold. The transfer remains a problem. The move is the biggest to exchanges in over nine months, making this particularly true.
When Ethereum Breaks Higher, What Next?
At spot prices, Ethereum is rising. The local support is $2,400. Buyers are in control after the September 13 bull bar was confirmed. ETH bulls must close over $2,800 to define a trend, although the short-term gain helps.
Should the coin close over $2,800, the base might rise to $3,500 for another swing. Ethereum bull bars are banding along the upper BB after breaking $2,400. This indicates rising volatility and buying demand.
