Ethereum is rising, adding a decent 5% on the last day and nearly 10% over the past trading week, according to CoinMarketCap data. As ETH shakes off weakness, breaking above the local resistance– now support– at around $2,400, confidence is high.
Over 150,000 ETH Moved To Exchanges
All the same, IntoTheBlock data on September 20 reveals that when prices rose, breaking above $2,400, all within the last 24 hours, more coins were moved to leading exchanges, including Binance and Coinbase.
According to the blockchain analytics platform, over 150,000 ETH were transferred to these platforms, a dent to bullish momentum and sentiment.
Typically, whenever coins are moved to exchanges, it could signal the intention of holders to sell. This is because, on centralized ramps like Binance or Kraken, ETH is paired with other crypto assets like Solana or Bitcoin and with stablecoins such as USDT and fiat, including the USD or JPY.
Accordingly, when these assets hit these ramps, it is easier for holders to liquidate, convert the coin to other assets, or even cash out via fiat or stablecoin.
It is still determined whether the over 150,000 ETH sent to exchanges have been sold. All the same, the transfer is also a concern. This is especially true considering that the transfer is the largest to exchanges in over nine months.
Ethereum Breaking Higher, What’s Next?
At spot rates, Ethereum is breaking higher. The local support is at $2,400. Moreover, buyers are in the driving seat following the confirmation of the September 13 bull bar. Although ETH bulls must close above $2,800 for trend definition, the short-term move supports bulls.
If the coin closes above $2,800, it could set the base higher to $3,500 for another swing. Following the break above $2,400, Ethereum bull bars are already beginning to band along the upper BB. This development points to increasing volatility and build-up of buying pressure.
Amid this transfer, it is also emerging that the Ethereum Foundation is liquidating. Earlier today, Spot On Chain data shows they sold 300 ETH for over 763,000 DAI. Even so, this is not the first time the Foundation is unloading ETH. Over the past week, they have sold over 650 ETH.
Feature image from DALLE, chart from TradingView