A whale has moved $33 million worth of Ethereum to Binance in a single transaction, exposing the ETH price to massive volatility levels. The general bullish outlook will be invalidated once PoS token drops below $1,636.
Ethereum’s price surged on March 18 when it broke past the $1,800 mark. However, recent market data suggests that a large chunk of ETH was transferred to the Binance exchange at 1:30 am ET, casting doubts on a possible sale. The transfer resulted in the largest altcoin by market cap losing part of its market value.
Ethereum price slumps 2% on massive whale activity
Ethereum’s price took a hit after a massive transaction of 18,657 ETH tokens was transferred. The tokens were worth around $33,130,424 at the time of the transfer. The transaction was traced back to an unknown wallet, believed to belong to an affluent individual. In most cases, when a large chunk of tokens is transferred to an exchange, it is usually a sign of a prospective sell activity that could drive the asset’s price down.
Ethereum Price Takes a Breather
The Ethereum price has eased back 2.53% from the $1,807 reported earlier and is currently trading at $1,761. This comes as the market FUD continues to linger in the industry. According to projections by prominent crypto analyst Akash Girimath, however, the current bullish narrative for ETH would only be invalidated once the price crosses below the $1,636 level.
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 the event of such a drop, Ethereum could find itself testing the $1,500 psychological level before any real signs of a recovery can take place. This would constitute a 15% downswing from current levels.
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