A recent surge in Ethereum (ETH) transfers to exchanges has sparked concerns of a potential market crash. According to crypto expert Ali, nearly $260 million worth of ETH (108,000 units) was deposited to exchanges in just 24 hours. This significant transfer, coupled with ongoing geopolitical tensions, hints at bearish market sentiment.
ETH's technical analysis suggests a breakdown below the crucial $2,400 support level, with potential declines to $2,200 or lower. On-chain metrics from Coinglass indicate mixed sentiment, with a bullish long/short ratio but declining future open interest. As whales and institutions offload their ETH, traders are advised to exercise.
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