Ethereum

Celsius

<ul> 
 <li><strong>Ethereum price is down 3% in the past 24 hours.</strong></li> 
 <li><strong>Ethereum long-term holders surpass Bitcoin, raising liquidity concerns.</strong></li> 
</ul> 
<p>Ethereum, the second largest cryptocurrency by market capitalization is now trapped under the bearish pressure. It had a 3% dip in the past 24 hours and 7.28% in the past seven days, currently trading at $2344. Despite this downfall in price, Ethereum’s long-term holders have now surpassed those of Bitcoin, marking a significant milestone.</p> 
<p>However, the surge in long-term holders also raises concerns about reduced liquidity and potential obstacles to short-term price performance. While this phenomenon is generally positive during the accumulation phase, it could impede immediate price movements. </p> 
<p>Additionally, recent blockchain analytics from PeckShieldAlert reveal significant Ethereum transactions. The address associated with Celsius has transferred approximately 13,000 ETH ($30.87 million) to Coinbase and 2,200 ETH ($5.12 million) to FalconX, indicating notable market activity in the past 24 hours.</p> 
<p>Notably, Celsius and a prominent institution in the bankruptcy liquidation phase, FTX, have been actively engaged in massive crypto asset transfers recently. On January 20, FTX moved 207 WBTC worth $8.6 million and 1150 <a href="https://thenewscrypto.com/ethereum-foundation-offloads-millions-in-eth-amid-market-volatility/">ETH</a>, valued at $2.85 million, to Wintermute. Additionally, FTX initiated the transfer of 135 WBTC, totaling $5.6 million, to <a href="https://thenewscrypto.com/manta-network-suspected-of-money-laundering-post-binance-listing/">Binance</a>. These transactions hint at a major sell-off move by both.</p> 
<h3 class="wp-block-heading" id="h-bearish-days-ahead">Bearish Days Ahead?</h3> 
<p>The daily chart of ETH shows a bearish trend, with the 9-day exponential moving average (EMA) currently positioned above the trading price at $2429. However, the daily relative strength index (RSI) suggests a nearly oversold condition, standing at 46.</p> 
<div class="wp-block-image"> 
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  <img loading="lazy" decoding="async" width="1024" height="458" src="https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-23_11-55-32-1024x458.png" alt="" class="wp-image-89933" srcset="https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-23_11-55-32-1024x458.png 1024w, https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-23_11-55-32-300x134.png 300w, https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-23_11-55-32-768x343.png 768w, https://thenewscrypto.com/wp-content/uploads/2024/01/ETHUSDT_2024-01-23_11-55-32.png 1515w" sizes="(max-width: 1024px) 100vw, 1024px">
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   ETH Price Chart, Source: TradingView
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</div> 
<p>On the downside, failure to clear $2305 might trigger further declines, with initial support at $2280 and a more significant level at $2209. A breach of the latter could lead to a test of the $2199 support, potentially marking a deeper correction.</p>

Ethereum Down 7%. Will ETH Fall Below $2000?

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