Advertisement
AD

Main navigation

These Coinbase Transfers Could Be Bullish For Ethereum

Advertisement
Fri, 8/07/2022 - 5:42
These Coinbase Transfers Could Be Bullish For Ethereum
Cover image via stock.adobe.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

According to data posted by CryptoQuant CEO Ki Young Ju, cryptocurrency exchange Coinbase has sent more than 570,000 Ethereum ($634 million) to new wallets.

Advertisement
ETH
Image by cryptoquant.com

Ju believes that these could be transactions to custodian wallets for over-the-counter deals. In such a case, this will be a bullish development for Ethereum since it suggests that large buyers are entering the market. The analyst suggested that “the new captain of the ETH ship” could be behind the mammoth-sized transaction.

However, it is worth mentioning that these could be internal transfers, which means that they would have no impact on the cryptocurrency market.

Related

The Ethereum price hits a two-week high

The recent transactions come at a critical time for the cryptocurrency market.

The price of Ethereum spiked to $1,276 earlier today, the highest level since June 26. The cryptocurrency market saw a decent recovery together with U.S. equities. However, it is not clear whether or not this bullish trend is sustainable. It remains to be seen whether the second-largest coin will be able to gain a stable footing above the $1,200 level.   

Ethereum recently recorded its worst quarter in history after collapsing to as low as $881 on June 18.      

Ju has also noted that Coinbase’s Bitcoin price premium is already recovering, which is a positive signal for bulls. As reported by U.Today, the price of largest cryptocurrency recently surpassed $22,000 level, touching its highest level since mid-June because of the buoyant equities market.   

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD