Ethereum Price As Galaxy Digital Moves 9,179 ETH To Binance, Sell-Off Incoming?

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ETH

$2254.5611 1% (24h)

M Cap: $271.06B

Volume (24h): $15.59B

Max Supply: NA

ATH: $4,864

Ethereum price succumbs to selling pressure as Galaxy Digital moves 9,179 ETH to Binance. If support at $2,250 holds, Ether could make a comeback above $2,300.

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The volatility in the crypto market has intensified since last week, with bulls being on the offensive. Ethereum price extended the breakout above $2,000 reaching highs at $2,300 on Monday alongside the Bitcoin price rally above $44,000.

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With 2.8% gains accrued in the last 24 hours, 11% in seven days, 12% in a fortnight, and 18% over the last 24 hours, ETH price is hovering at $2,260 while bulls search for higher support to keep the uptrend unscathed.

Will Galaxy Digital Transfers To Binance Hold Ethereum Price Rally?

Blockchain data monitoring company Lookonchain highlighted that Galaxy Digital, one of the leading digital fund managers in the industry, had transferred 9,179 ETH to Binance exchange.

According to an image from Etherscan shared on X (Twitter), Galaxy Digital made three transactions comprising 3,079, 3,100, and 3,000 ETH with a combined dollar exchange value of $20.9 million.

Note that a wallet of #GalaxyDigital deposited 9,179 $ETH($20.9M) to #Binance just now and currently has 10,038 $ETH($22.8M) left.https://t.co/oPJdrwWcwS pic.twitter.com/eb7cN47ib8

— Lookonchain (@lookonchain) December 6, 2023

Galaxy Digital still holds 10,038 ETH worth approximately $22.8 million. Since the transfers to Binance could dampen the uptrend and push ETH price down, traders must plan accordingly and be alert to avoid falling into a bull trap.

Recommended for you: XRP Price Prediction: Will XRP Pump To $1 Before 2024?

For now, there is a high probability Ethereum will springboard from support at $2,200. Several indicators reinforce the bullish theory starting with the fact that ETH holds above all three MAs—the 21-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA.

Despite the resistance at $2,300, Ethereum’s position above the Ichimoku Cloud is a significant bullish signal. While traders may be uncertain whether they should buy now or wait for a bigger correction, chances seem to be high that dips would be profitable. Besides, bull markets tend to have trend reversals which allow other sidelined investors to buy into ETH ahead of the next potential breakout.

That said, it would be prudent to wait until Ethereum resumes the uptrend either from higher support at $2,250 or the grey region marked on the chart before entering new long positions, considering the Relative Strength Index (RSI) is falling back into the neutral area.

FOMO could kick in as Ethereum price blasts through the resistance marked in red at $2,300. A sustained breakout would assure investors of the next major move to $2,500 and subsequently to $3,000.

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John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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