The network operations monitoring platform Lookonchain recently detected a large transfer of Ethereum (ETH) worth $24.3 million to the cryptocurrency exchange Binance. This transfer was made by Galaxy Digital, which deposited 11,200 ETH on this popular trading platform.
The transaction occurred shortly after the value of Ethereum, the second-largest cryptocurrency by market capitalization, fell by 1.82%, reaching $2,172.69. This price decline led to an increase in Ethereum's total losses for the week to 3%.
Nevertheless, Ethereum also showed an increase in trading volume over the last 24 hours. According to CoinMarketCap data, the trading volume increased by more than 22%, exceeding $8 billion. Given the decline in the cryptocurrency's value, it can be assumed that the increase in trading volume was spurred by seller activity.
From an analytical perspective, Ethereum recently faced a rejection from the $2,300 resistance level due to Bitcoin's price drop to $41,000. Currently, Ethereum is holding at the $2,145 level. If the price falls below this mark, there is a risk of further decline to the support level of $1,985.53 in the next 48 hours.
The bearish trend can be interrupted if Ethereum closes the daily session above $2,145. In an optimistic scenario, Ethereum may aim for the $2,300 level this week. With sustained buyer pressure, Ethereum could rise above the resistance level, paving the way for a possible increase to $2,615 in the near future.
