Ethereum

Celsius

2024

Billion

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<a href="https://u.today/ethereum-eth-developers-make-big-announcement-what-it-pertains-to">Ethereum</a> is encountering a massive sell-off exceeding $1 billion. The source of this enormous market movement can be traced back to Celsius, which reportedly transferred a staggering 459,561 ETH, valued at approximately $1.014 billion, to <a href="https://twitter.com/lookonchain/status/1750705680913436723">various exchanges</a>.
The distribution of this sell-off was as follows: 297,454 ETH ($656.5 million) moved to Coinbase Prime, 146,507 ETH to Paxos Treasury and smaller amounts of 7,800 ETH each, totaling $17.2 million, were transferred to FalconX and Coinbase. Despite this massive transfer, Celsius reportedly retains a reserve of 62,468 ETH, worth around $139 million.
<blockquote>
 Celsius transferred 459,561 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($1.014B) out 9 hrs ago.297,454 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($656.5M) → <a href="https://twitter.com/hashtag/CoinbasePrime?src=hash&amp;ref_src=twsrc%5Etfw">#CoinbasePrime</a>146,507 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a> ($323.3M) → <a href="https://twitter.com/hashtag/PaxosTreasury?src=hash&amp;ref_src=twsrc%5Etfw">#PaxosTreasury</a>7,800 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($17.2M) → <a href="https://twitter.com/hashtag/FalconX?src=hash&amp;ref_src=twsrc%5Etfw">#FalconX</a>7,800 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($17.2M) → <a href="https://twitter.com/hashtag/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw">#Coinbase</a>.And <a href="https://twitter.com/hashtag/Celsius?src=hash&amp;ref_src=twsrc%5Etfw">#Celsius</a> still has 62,468 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$ETH</a>($139M) left.<a href="https://t.co/O71a2LfeKg">https://t.co/O71a2LfeKg</a> <a href="https://t.co/adcxQA3POn">pic.twitter.com/adcxQA3POn</a>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1750705680913436723?ref_src=twsrc%5Etfw">January 26, 2024</a>
</blockquote> 
Such a colossal sale exerts immense pressure on <a href="https://u.today/ethereums-vitalik-buterin-raises-concerns-over-privacy-in-modern-cars">Ethereum's</a> price and could significantly sway market sentiment. The immediate concern for investors and traders is whether Ethereum's liquidity and market capitalization can absorb such a hit without triggering a broad market downturn.
From a technical analysis standpoint, the massive outflow from Celsius is a bearish signal, likely to test <a href="https://u.today/ethereum-eth-loses-all-of-its-gains-bitcoin-btc-not-ready-to-give-up-40000-solana-sol-comeback">Ethereum's</a> local support levels. A crucial support to watch is around the $2,000 price range, a psychological and technical support level, which, if breached, could see the price tumble to the next significant support at $1,800. This level has historically acted as a strong buy zone and may serve as a robust defense against further declines.
Conversely, resistance levels have become more formidable due to the sell-off. Any potential recovery will have to confront the resistance at $2,200, which previously acted as a support level. A break above this could see Ethereum attempt to reclaim higher price levels, possibly testing the $2,400 resistance.
The substantial sell-off initiated by Celsius has placed <a href="https://u.today/coinbase-ceo-reacts-to-ethereum-staking-major-issue-details">Ethereum</a> in a problematic position. Although the Ethereum network's fundamentals remain robust, the asset's price resilience in the face of such a significant sell-off shows the actual state of the market.

Ethereum (ETH) Becomes Target of Massive $1 Billion Sell-Off: Who's Responsible?

U_Today

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