Price Analysis

Ethereum Price As Galaxy Digital Moves 9,179 ETH To Binance, Sell-Off Incoming?

Ethereum price succumbs to selling pressure as Galaxy Digital moves 9,179 ETH to Binance. If support at $2,250 holds, Ether could make a comeback above $2,300.
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Ethereum Price As Galaxy Digital Moves 9,179 ETH To Binance, Sell-Off Incoming?

The volatility in the crypto market has intensified since last week, with bulls being on the offensive. Ethereum price extended the breakout above $2,000 reaching highs at $2,300 on Monday alongside the Bitcoin price rally above $44,000.

With 2.8% gains accrued in the last 24 hours, 11% in seven days, 12% in a fortnight, and 18% over the last 24 hours, ETH price is hovering at $2,260 while bulls search for higher support to keep the uptrend unscathed.

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Will Galaxy Digital Transfers To Binance Hold Ethereum Price Rally?

Blockchain data monitoring company Lookonchain highlighted that Galaxy Digital, one of the leading digital fund managers in the industry, had transferred 9,179 ETH to Binance exchange.

According to an image from Etherscan shared on X (Twitter), Galaxy Digital made three transactions comprising 3,079, 3,100, and 3,000 ETH with a combined dollar exchange value of $20.9 million.

Galaxy Digital still holds 10,038 ETH worth approximately $22.8 million. Since the transfers to Binance could dampen the uptrend and push ETH price down, traders must plan accordingly and be alert to avoid falling into a bull trap.

Recommended for you: XRP Price Prediction: Will XRP Pump To $1 Before 2024?

For now, there is a high probability Ethereum will springboard from support at $2,200. Several indicators reinforce the bullish theory starting with the fact that ETH holds above all three MAs—the 21-day Exponential Moving Average (EMA), the 50-day EMA, and the 200-day EMA.

Ethereum price prediction chart | Tradingview

Despite the resistance at $2,300, Ethereum’s position above the Ichimoku Cloud is a significant bullish signal. While traders may be uncertain whether they should buy now or wait for a bigger correction, chances seem to be high that dips would be profitable. Besides, bull markets tend to have trend reversals which allow other sidelined investors to buy into ETH ahead of the next potential breakout.

That said, it would be prudent to wait until Ethereum resumes the uptrend either from higher support at $2,250 or the grey region marked on the chart before entering new long positions, considering the Relative Strength Index (RSI) is falling back into the neutral area.

FOMO could kick in as Ethereum price blasts through the resistance marked in red at $2,300. A sustained breakout would assure investors of the next major move to $2,500 and subsequently to $3,000.

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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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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