Ethereum

Arkham

<ul> 
 <li aria-level="1">Large deposits from Amber Group and Cumberland on Binance and Kraken stir concerns over potential price shifts.</li> 
 <li aria-level="1">Despite recent drops, Ethereum’s position above $2,720 could lead to a rebound towards the $3,000 mark soon.</li> 
</ul> 
Recently, over $35 million in Ethereum (ETH) was transferred to exchanges, suggesting a potential market shift. Institutional entities, including Amber Group and Cumberland, deposited 6,443 and 6,439 ETH into Binance and Kraken, respectively. 
<figure id="attachment_89458" aria-describedby="caption-attachment-89458" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-89458" src="https://www.ethnews.com/wp-content/uploads/2024/08/eth-move-exchange-binance-kraken.jpg" alt="eth-move-exchange-binance-kraken" width="1390" height="860">
 <figcaption id="caption-attachment-89458" class="wp-caption-text">
 Source: Arkham
 </figcaption>
</figure> 
<h2 id="b-ethereum-s-current-market-position-b">Ethereum’s Current Market Position</h2> 
Ethereum is <a href="https://www.ethnews.com/could-ethereums-plunge-below-2800-signal-the-end-of-the-bull-run/">currently testing</a> a support level at $2,720. This level has been pivotal throughout the year, and its stability is crucial for Ethereum’s potential rise to the $3,000 mark. 
<div class="cryptoboxes" id="mcw-12523" data-realtime="on">
 <div class="mcw-chart mcw-chart-light" data-font="inherit" data-chartcoin="ETH" data-chartcurrency="USD" data-chartrate="1.000268" data-charttype="chart" data-chartview="day" data-charttheme="light" data-chartsmooth="true" data-chartareacolor="" data-chartbgcolor=""></div>
</div> 
Conversely, a failure to maintain this support could result in a decline towards $2,500. 
Despite recent reductions in price, Ethereum remains within reach of $3,085, contingent on overcoming recent losses.&nbsp; 
<figure id="attachment_89462" aria-describedby="caption-attachment-89462" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-89462" src="https://www.ethnews.com/wp-content/uploads/2024/08/ETHUSDT_2024-08-27_10-23-08.png" alt="ETHUSDT_2024-08-27_10-23-08" width="1384" height="857">
 <figcaption id="caption-attachment-89462" class="wp-caption-text">
 Source: Tradingview
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</figure> 
The weekly charts indicate a retesting of crucial levels, suggesting that a foundation for price stabilization may be forming. The outcome over the next ten days will be decisive for Ethereum’s short-term price trajectory. 
<h2 id="b-market-influences-and-whale-activity-b">Market Influences and Whale Activity</h2> 
The market predicts a resurgence in altcoin dominance, which historically benefits leading cryptocurrencies like Ethereum. These periods often follow support level tests, suggesting a forthcoming <a href="https://www.ethnews.com/is-ethereum-becoming-unstoppable-new-upgrade-sparks-major-crypto-buzz/">rally for Ethereum</a>. 
<figure id="attachment_89466" aria-describedby="caption-attachment-89466" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-89466" src="https://www.ethnews.com/wp-content/uploads/2024/08/Increasing-whale-activity.jpg" alt="Increasing whale activity" width="1280" height="720">
 <figcaption id="caption-attachment-89466" class="wp-caption-text">
 Source: CryptoQuant
 </figcaption>
</figure> 
Additionally, whale activity remains robust, demonstrating continued accumulation of Ethereum. Despite the recent institutional sell-offs, over 200,000 ETH have been added to whale holdings in the past few days, suggesting strong confidence in Ethereum’s long-term value. 
<h3 id="b-fundamentals-and-market-outlook-b">Fundamentals and Market Outlook</h3> 
Fundamentally, Ethereum continues to show strength, bolstered by the adoption of Layer 2 solutions and increasing interest from large-scale investors. These elements position Ethereum favorably for a potential breakout. 
<figure id="attachment_89470" aria-describedby="caption-attachment-89470" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-89470" src="https://www.ethnews.com/wp-content/uploads/2024/08/recent-sell-off-by-institutions-has-created-some-short-term-uncertainty.jpg" alt="recent sell-off by institutions has created some short-term uncertainty" width="959" height="536">
 <figcaption id="caption-attachment-89470" class="wp-caption-text">
 Source: Kaito
 </figcaption>
</figure> 
The recent institutional transfers to exchanges introduced volatility, yet the <a href="https://www.ethnews.com/ethereum-to-flip-bitcoin-insider-insights-reveal-massive-shift/">foundational market indicators</a> and whale confidence highlight a positive outlook. Ethereum’s ability to maintain critical support levels and the ongoing accumulation by whales could mitigate short-term selling pressures. 
The post <a href="https://www.ethnews.com/whale-watch-why-ethereums-next-move-could-shock-crypto-traders/">Whale Watch: Why Ethereum’s Next Move Could Shock Crypto Traders!</a> appeared first on <a href="https://www.ethnews.com">ETHNews</a>.

Whale Watch: Why Ethereum’s Next Move Could Shock Crypto Traders!

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