Ethereum

bullish

Bitcoin

USDC

Coin

Recently, a large number of Ethereum and Bitcoin were transferred to Binance, as Ceffu deposited 28,865 ETH, valued at about $66.74 million, and 450 BTC, valued at $26.5 million. This whale activity has attracted attention because the size of the deposits indicates potential offloads that can affect the market. 
Ceffu is one of the biggest holders of digital assets, and at the moment, it has 178,687 <a href="https://www.thecoinrepublic.com/price-prediction/ethereum/">ETH</a> worth around $411 million and 10,737 BTC worth around $628 million. The large amounts of transactions have raised concerns about a sell-off, which may lead to increased volatility in the price of Ethereum. 
Even with the massive inflow of Ethereum to Binance, ETH has been unable to post any appreciable gain over the past 24 hours. At the latest update, Ethereum’s price is around $2,315, which is only a 0.62% increase from the previous year. 
This price movement is concomitant with a dip in trading volume, which declined 12.69% to $13.7 billion. Even though Ethereum’s market cap is $278.5 billion, recent whales’ activity may indicate hidden pressure on the asset’s short-term performance. 
In the previous movement, Ceffu transferred 3,123 BTC ($181 million) to Binance four days ago. This may have also been a point in the plan to sell the assets. Since Aug 1, the entity has transferred 12,320 <a href="https://www.thecoinrepublic.com/price-prediction/bitcoin/">BTC</a> (worth $718. 8 million) and 85,347 ETH (worth $210 million) to the exchange. 
They then withdrew $515 million USDC and $514 million USDT. This indicates certain strategic financial operations. It has attracted a lot of debate since the possibility of price change is always imminent in the given exchange activity. 
<h2 class="wp-block-heading" id="h-ethereum-technical-analysis-indicates-uncertainty">Ethereum Technical Analysis Indicates Uncertainty</h2> 
When looking at Ethereum’s technical charts, it can be seen that the cryptocurrency has been trading in a tight range as it now overcomes essential resistances. From the chart below, it is observable that Ethereum tried to break through the $2,320 level but has been unable to sustain the gains above it. 
This is indicative of a sign of market confusion. A falling wedge pattern has been created, often used as a signal of an upward breakout. ETH has now broken out of the first resistance level at around $2,320, as it now aims at the next level at around $2,400. 
But, if the upward pressure fails to hold, Ethereum may retest the lower support levels around $2,260. 
<figure class="wp-block-image size-large">
 <img loading="lazy" decoding="async" width="1024" height="474" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175-1024x474.png" alt="" class="wp-image-722944" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175-1024x474.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175-300x139.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175-768x355.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175-1536x710.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175-150x69.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175-696x322.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175-1068x494.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/09/image-175.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure> 
1-hour ETH/USDT Chart | Source: TradingView 
The Awesome Oscillator, which measures the market momentum, has green bars that point to bullish divergence. This implies that <a href="https://www.thecoinrepublic.com/2024/09/16/ethereum-whale-long-dormant-wakes-up-to-44600-gains/">ETH</a> has the potential to experience some upward action in the short term, given that it holds above this level. 
However, the overall scenario appears subdued, especially taking into account Ceffu’s current actions and potential future disposals. The whale deposits on Binance have focused on Ethereum as traders wait for the market to make the next move. 
Even though ETH has recorded some gains, price movement continues to be unimpressive, and technicals paint a slightly distorted picture. However, there is a possibility of more large-scale transactions, which may cause fluctuation in the market since Ceffu still has several assets. 
The post <a href="https://www.thecoinrepublic.com/2024/09/17/whales-hint-at-ethereum-offloads-as-price-struggles/">Whales Hint at Ethereum Offloads As Price Struggles</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.

Whales Hint at Ethereum Offloads As Price Struggles

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