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Ethereum Faces $4,000 Barrier as Large Tranches of ETH Move to Exchanges

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Thu, 12/23/2021 - 13:59
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Tomiwabold Olajide
As large sums of ETH flow into exchanges, Ethereum faces $4,000 barrier
Ethereum Faces $4,000 Barrier as Large Tranches of ETH Move to Exchanges
Cover image via stock.adobe.com

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Whale Alert reports that a staggering 38,143 ETH tokens, or nearly $151 million worth, have been moved to exchanges in the last 24 hours. Ethereum is facing barriers near its present price after rising to $4,005 earlier today.

According to Whale Alert, the first large transaction of 21,075 ETH, worth $83,252,793, appeared on the blockchain around 23 hours ago.

Another large transaction of 11,097 ETH tokens, or $44,475,089 worth, arrived four hours after the first one. In between these were transactions of 2,971 and 3,004 ETH tokens worth $11,965,552 and $12,080,470, respectively.

Aside from this, three transactions of Ethereum being moved from exchanges to wallets were reported by WhaleStats. The largest transaction had 15,000 ETH, or $60,451,561 worth, transferred from Bitfinex to an unknown wallet.

The other two transactions had nearly $23 million worth of ETH moved from Kraken to a mysterious wallet.

Ethereum price action

After Ether's price hit a new high of $4,867 on Nov. 10, interest in the Ethereum ecosystem has grown, but the rally was short-lived as overall market sentiment slipped into fear. Despite pushing for some recovery, ETH's price fell while reaching a low of $3,503.

TradingView
Source: TradingView

The Ethereum price has shown continuous signs of recovery from the shock in the present week around the $4,000 mark, defending much of its uptrend by its support base. On Wednesday, the price of Ether was rejected at $4,074 and currently faces the $4,000 barrier.

At press time, Ethereum's price sits at $3,940, with $15,316,090,468 in 24-hour trading volume. In the previous 24 hours, it dropped 2.12%. With a live market cap of $467,242,699,326 as seen on CoinMarketCap, it currently ranks #2. The maximum supply is not known; however, it has a circulating supply of 118,857,239 ETH tokens.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.