Cryptocurrency

Galaxy

Note

<p>Cryptocurrency markets experienced a downturn as <a href="https://www.cryptopolitan.com/ethereum-whale-sells-off-eth-holdings/" rel="noopener noreferrer nofollow">Ether</a> (ETH) dropped by 1.82%, testing a critical support level at $2,145.&nbsp;</p>
<p>This price decline triggered a substantial transfer of 11,200 ETH, valued at $24.3 million, from Galaxy Digital to Binance, as reported by on-chain tracking platform Lookonchain. In this article, we explore the recent developments in the ETH market and analyze its technical outlook.</p>
<h2 class="wp-block-heading" id="market-downturn-and-galaxy-digital-s-transfer">Market downturn and Galaxy digital’s transfer</h2>
<p>Ether (ETH), the second-largest cryptocurrency by market capitalization, faced a 1.82% drop in its price, aligning with the broader market’s 2.27% decline over a 24-hour period. At the time of writing, ETH was trading at $2,172.69, according to CoinMarketCap, pushing its weekly performance to a loss of -2.97%.</p>
<p>In a <a href="https://twitter.com/lookonchain/status/1736597802762092640" rel="noopener noreferrer nofollow" target="_blank">notable</a> development, Galaxy Digital executed a significant deposit of 11,200 ETH, valued at $24.3 million, to the popular cryptocurrency exchange, Binance. The reasons behind this sizable transfer remain undisclosed, but it coincided with ETH’s price drop, raising questions about the intentions behind the move.</p>
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   <p lang="en" dir="ltr">Note that <a href="https://twitter.com/hashtag/GalaxyDigital?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#GalaxyDigital</a> deposited 11,200 <a href="https://twitter.com/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">$ETH</a>($24.3M) to <a href="https://twitter.com/hashtag/Binance?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">#Binance</a> in the past hour.<a href="https://t.co/oPJdrwWcwS" rel="noopener noreferrer nofollow" target="_blank">https://t.co/oPJdrwWcwS</a> <a href="https://t.co/n0BAyuf5hQ" rel="noopener noreferrer nofollow" target="_blank">pic.twitter.com/n0BAyuf5hQ</a></p>— Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1736597802762092640?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow" target="_blank">December 18, 2023</a>
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<h2 class="wp-block-heading" id="technical-analysis-and-support-levels">Technical analysis and support levels</h2>
<p>From a technical standpoint, ETH faced resistance at the $2,300 level in recent days. This resistance led to a downward movement, placing ETH within the lower boundaries of a medium-term positive price channel that had formed over the previous weeks. Additionally, ETH found support at the $2,145 level.</p>
<p>The critical question now is whether ETH will break below this support level, potentially exposing it to further downside pressure and a subsequent support level at $1,985.53 within the next 48 hours. However, if ETH can close today’s trading session above the $2,145 mark, a more bullish scenario may emerge, with the cryptocurrency potentially challenging the $2,300 resistance level in the coming week.</p>
<p>Continued buying pressure could further strengthen ETH’s position, potentially propelling it above the $2,300 resistance level and paving the way for a short-term target of $2,615.</p>
<h2 class="wp-block-heading" id="increased-trading-volume">Increased trading volume</h2>
<p>Despite the price drop, Ether (ETH) experienced a notable increase in trading volume, which surged by more than 22% to surpass $8 billion. Such a significant uptick in volume amid a price decline suggests that selling pressure may have been the driving force behind this surge in trading activity.</p>
<p>The cryptocurrency market, led by Ether (ETH), has faced a recent price decline, with ETH testing a crucial support level at $2,145. This decline triggered a substantial transfer of 11,200 ETH, worth $24.3 million, to Binance by Galaxy Digital. While the reasons behind this transfer remain unknown, it coincided with ETH’s price drop, raising speculation about the motives behind the transaction.</p>
<p>From a technical perspective, ETH’s ability to maintain its position above the $2,145 support level will be closely monitored. A break below this level could expose ETH to further downside risk, with a potential target at the $1,985.53 support level. Conversely, if ETH manages to close above $2,145, a more bullish scenario could emerge, with a challenge of the $2,300 resistance level on the horizon.</p>
<p>Despite the price decline, ETH witnessed a notable increase in trading volume, suggesting that selling pressure may have been the driving factor behind the recent market activity. The cryptocurrency market remains highly dynamic and influenced by a range of factors, making it crucial for investors and traders to stay vigilant and adapt to changing conditions.</p>

Galaxy digital’s $24.3M ETH transfer to Binance

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