The post Millions of Ethereum Flow Back into Exchanges: Is This a Matter of Concern for the ETH Price Rally? appeared first on Coinpedia Fintech News
The investors remain distressed after the announcement of new tariff plans. With this, the US stocks had their worst day ever since 2020. As a result, the investors are scared of further escalation and economic fallout. The negative impact has been seen over the crypto markets as Bitcoin & Ethereum remain consolidated within a range. While the technical implications suggest a bullish outlook for the ETH price rally, the whales do not appear to be confident enough.
A major institutional tsunami is detected, which is expected to create serious atmospheric pressure. Millions of liquidity are hitting the exchanges, which suggests a storm is forming that may shake up the entire market. New on-chain data reveals a lot of ETH have been deposited into the exchanges in the past 24 hours. This could be a matter of concern, as it may mount enough pressure over the ETH price.
As per data shared by The Data Nerd, an on-chain data provider, massive amounts of ETH have been transferred back into ETH. Grayscale deposited 16,247 ETH, worth $28.63 ETH; Blackrock deposited 10,000 ETH, worth $17.94 ETH; Wintermute deposited 34,634 ETH, worth $62.9 million; Andre Cronje deposited 2000 ETH, worth over $3.44 million; and James Fickle deposited 2.35K ETH, worth $4.19 million.
On the other hand, yet another whale scooped nearly 6500 ETH, spending 11.5 million USDC that could have kept the price consolidated above the crucial support. While Ethereum faces equal pressure on both sides, will whale accumulation outweigh the uncertainty caused by institutional ETH transfers?
Ethereum (ETH) Price Analysis
It’s a known fact that bears have been capitulating ETH price for over a period, which has kept the levels restricted within a descending range. However, a major change could be expected soon as the token has reached the end of the consolidation. However, the technicians do not suggest bullish reversal or display any bullish divergence, which raises concerns over the next price action.
The ETH price in the daily timeframe is approaching the tip of the falling wedge, which is expected to trigger a huge breakout towards the immediate resistance. Meanwhile, the Accum/Dist suggests the token’s distribution is going on, and the price may begin to rise once the accumulation resumes. On the other hand, RSI remains consolidated within the lower bands, suggesting a massive drop in the strength of the rally.
The bewildered on-chain data and skeptical technicals suggest that the Ethereum price volatility is expected to surge during the upcoming weekend, which could offer a good buying opportunity. However, in the long term, ETH price remains under acute bullish influence with the possibility of forming a new ATH.