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Whale Moves $33 Million Worth Of ETH To Binance; Is Ethereum Price In Danger?

As a mysterious whale moves $33 million worth of ETH to Binance, the price of Ethereum remains exposed to significant levels of volatility.
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Whale Moves $33 Million Worth Of ETH To Binance; Is Ethereum Price In Danger?

Ever since Ethereum’s price broke out of its multi-month phase of consolidation on March 10, the altcoin with the largest market cap has gotten off to a blazing start, contributing to a meteoric rise in its value. The flagship cryptocurrency earned itself a sweet price gain today as it broke beyond the $1800 threshold on Saturday. However, according to recent market data, about 18,657 ETH has been caught transferring to the Binance exchange, which casts doubts on a potential sale taking place, resulting in a price slump for Ethereum.

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$33 Million ETH Transferred

In a recent development in the crypto market, massive amounts of ETH tokens were seen to be transferred in one go on late Saturday noon. According to blockchain data, an unknown wallet transferred 18,657 ETH tokens, which translates close to 33,130,424 USD to Binance, the world’s largest crypto exchange by market share.

Read More: Why Chinese Crypto Coins May Skyrocket In Coming Weeks?

The unknown wallet, supposedly of an affluent whale, initiated the transaction at 1:30 AM ET which cost him a mere $1 as a transaction fee on the Ethereum blockchain. In most cases, when such large amounts of tokens are transferred to an exchange, it is usually an indication of a prospective sell activity, which drives down the prices of that cryptocurrency. However, there hasn’t been any significant change in the price of ETH from the time of the transfer.

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Ethereum Price Action

Even if this scenario turns out to be invalid, the price of Ethereum has taken a breather as it has eased back into the $1,790 range after reaching a high of $1,840 earlier in the day. According to the projections by prominent crypto analysts, if the market continues to suffer further losses, Ethereum’s price could slide back into the $1,650–1,700 range.

As things stand, the price of ETH is currently exchanging hands at $1,794, which represents a decrease of 0.05% over the past one hour as opposed to a gain of 3.18% recorded over the previous 24 hours. Additionally, it should be noted that ETH’s technical analysis (TA) indicators at CoinGape’s price tracker presently recommend a “strong buy” position, advising a “buy” at level 16 and a “sell” at level 1 by its moving averages.

Also Read: Hedera’s Patented Token Recovery System To Go Live Soon; What It Means For HBAR Price?

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Pratik Bhuyan

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now - he has seen it all.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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