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Nearly $262 Million ETH Moves to Binance as Ethereum Dips Beneath $4,000

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Tue, 12/28/2021 - 14:55
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Tomiwabold Olajide
Ethereum dips under $4,000 as $262 million ETH transactions hit Binance
Nearly $262 Million ETH Moves to Binance as Ethereum Dips Beneath $4,000
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WhaleAlert reports that nearly $262 million worth of ETH tokens have been moved to Binance in recent hours. Ethereum dips below the $4,000 mark as the entire cryptocurrency market tumbles to selling pressure.

Three large transactions noted by WhaleAlert have seen large tranches of Ethereum nearing 65,986 tokens moved off to Binance Exchange. The first transaction of 27,205 ETH, or $109,887,570 worth, appeared on the blockchain 13 hours ago, while the other two transactions of 26,665 ETH and 12,116 ETH, or $104,396,148 and $47,675,435, respectively, appeared six hours later.

Ethereum shows positive Netflow in the last 24 hours

As indicated by on-chain analytics firm Glassnode, Ethereum depicts a NetFlow of +$10 million as exchange inflows exceeded outflows.

Netflow shows the net quantity of a cryptocurrency into and out of centralized exchanges. The difference between inflows and outflows is used to calculate its worth.

When NetFlow is negative, it indicates that outflows are surpassing inflows. In this instance, investors withdraw more ETH than they deposit, and this might be bullish for the cryptocurrency.

Positive NetFlow, on the other hand, indicates that exchanges are getting more Ethereum than is being taken off. Investors typically transfer their coins to exchanges to withdraw money or buy other tokens, so the indicator's sustained positive levels might be negative.

Ethereum price action

Ethereum's price failed to break out after consolidating between the $4,250 and $3,575 levels recently. As a result, the ETH/USD pair is retracing to its crucial support levels while heading lower on Tuesday. The ETH price traded lower to an intraday low of $3,880 despite pushing for a recovery to $4,128 in the prior session.

TradingView
ETH/USD Chart, Source: TradingView

The ETH/USD pair holds around the $4,000 range, defending much of its traction by its ascending trendline pattern. At the time of writing, the price of Ether was rejected at the intraday high of $4,038 and is currently trading roughly at $3,916.

The Ethereum dominance index rose to 21.2% in 2021, acquiring more "territory" from Bitcoin, which saw its market share drop to 40.6%. BTC had a market share of 71.86% at the start of the year, while ETH had a share price of 10.63%.

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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.