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The Ethereum (ETH) market is registering significant asset movement in the last hour. As spotted by Onchain Lens, a platform that monitors large transactions, 15,000 ETH have been deposited on the Binance exchange.
Ethereum price holds despite exchange inflows
The address that has been linked to Matrixport transferred the coins valued at $64.67 million in a move that has sparked concerns in the Ethereum community. The transaction suggests the crypto financial services firm might be looking to sell for profit-taking.
With Ethereum shedding about 1.79% of its value within the last seven days, there are concerns over the asset’s inability to reach higher levels. Hence, the deposit of 15,000 ETH on Binance signals that more liquidity could hit the market and further dilute the price.
As of press time, Ethereum is changing hands at $4,316.84, representing a 0.41% increase in the last 24 hours. The coin has been experiencing volatility within this period as it climbed from a low of $4,271.53 to a peak at $4,336.68 before dipping again to the current level.
Meanwhile, trading volume is up by 21.52% at $23.24 billion. The recent transaction deposit by Matrixport could trigger sell pressure for Ethereum if bulls do not step in to mop up excess liquidity.
Broader Ethereum market sentiment remains cautious
Interestingly, five days ago, 60,000 ETH were moved on the same Binance exchange. However, the movement suggested the holder was staking the coin as it was linked to a staking address. Many had considered it a bullish move with anticipation for a price surge.
Ethereum started witnessing additional pressure over the weekend when a new wave of selling hit the market. As reported by U.Today, traders created a $570 million imbalance between sellers and buyers, sparking bearish fears.
Market watchers are still monitoring the recent development and how it might impact the overall price direction for ETH.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team