Recently, large amounts of Ethereum and Bitcoin were transferred to Binance. This event has attracted attention because the size of the deposits can significantly affect the market.
Ethereum and Bitcoin Deposits
Ceffu transferred 28,865 ETH, valued at about $66.74 million, and 450 BTC, valued at $26.5 million, to Binance. This could signal potential offloads, impacting market volatility. Ceffu is one of the biggest holders of digital assets, with 178,687 ETH (worth around $411 million) and 10,737 BTC (worth around $628 million).
Ethereum Market Status
Despite the massive inflow of Ethereum to Binance, there has been no significant price gain in the past 24 hours. Currently, Ethereum's price is around $2,315, showing only a 0.62% increase from the previous year. The decline in trading volume by 12.69% to $13.7 billion also indicates pressure on the asset's short-term performance.
Ethereum Technical Analysis
Based on Ethereum's technical charts, the cryptocurrency has been trading in a narrow range as it attempts to overcome key resistance levels. Recently, Ethereum tried to break the $2,320 level but was unable to sustain gains above it, indicating market confusion. A falling wedge pattern has been created, often signaling an upward breakout. However, if the upward pressure fails, Ethereum may retest lower support levels around $2,260. Technical indicators such as the Awesome Oscillator point to potential short-term upward action. However, the overall scenario remains uncertain due to Ceffu's current activities and potential future transactions.
Large Ethereum and Bitcoin deposits to Binance could impact the market soon. Technical indicators show market confusion, and traders are waiting for the next move.
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