A whale has moved $33 million worth of Ethereum to Binance in a single transaction, causing the ETH price to drop 2.18% from the $1,807 level. The general bullish outlook will be invalidated once PoS token drops below $1,636.
Ethereum price (ETH) surged on March 18 when it broke beyond the $1,800 level. However, recent market data shows that a significant chunk of ETH was transferred to the Binance exchange at 1:30 AM ET, casting doubts on a possible sale happening. The transfer resulted in the largest altcoin by market cap losing part of its market value.
Ethereum price slumps 2% on whale activity
Ethereum whales have been stirring up the markets once again, with a massive 18,657 ETH tokens (approximately $33,130,424) transferred in a single transaction. The transaction was traced back to an unknown but affluent wallet, costing him a mere $1 transaction fee on the Ethereum blockchain. In most instances, when such a huge chunk of tokens is transferred to an exchange, it usually points to a prospective sell activity that eventually drives down the asset’s price.
Ethereum Price Takes a Breather as Market FUD Lingers,
As the market continues to face FUD, Ethereum has taken a breather, easing back 2.53% from the $1,807 reported earlier. At press time, Ethereum is being auctioned for $1,761.
Although the current bullish narrative for ETH remains intact, crypto analyst Akash Girimath has warned that the trend could reverse if the price falls below $1,636.
A move below the aforementioned invalidation level could send Ethereum price down to lose the support offered by the 50, 200, and 100-day Exponential Moving Averages (EMAs) at $1,588, $1,553, and $1,529, respectively.
In extreme cases, the Ethereum price could drop to the $1,500 psychological level before buyers can attempt a recovery. Such a move would constitute a major 15% downswing for the PoS token from current levels.