The blockchain intelligence firm Santiment posted a tweet on their official Twitter page yesterday. According to the tweet, $505 million worth of Ethereum (ETH) was transferred to Binance yesterday. The post added that this is the largest self-custody to exchange transfer in 5 years.
ETH exchange supply increase (Source: Santiment)
This large transaction also resulted in the ETH network’s largest daily exchange supply increase since the day before the merge. In addition, the transfer also had a slight negative impact on the altcoin leader’s price.
At press time, CoinMarketCap shows that ETH’s price experienced a 24-hour loss of 1.15%. This 24-hour loss has also flipped ETH’s weekly price performance into the red at -0.25%. As a result, ETH is currently changing hands below the key $1,900 mark at $1,827.66.
Daily chart for ETH/USDT (Source: TradingView)
The daily RSI line attempted to cross bullishly above the daily RSI SMA line on Saturday but was immediately stopped in its tracks. This failure to cross above the daily RSI SMA line served as an early confirmation of the current short-term bearish trend, which then also caused the 9-day EMA to cross bearishly below the 20-day EMA.
ETH’s recent price movement has pushed the altcoin’s price down to a key support level at $1,800 which may be broken in the next 24-48 hours. Should ETH’s price break below this level, it will drop down to $1,760, or even $1,700, through the course of this week.
On the other hand, if ETH’s price is able to close today and tomorrow above the aforementioned $1,800 support, then the crypto’s price will consolidate between this support and the 9-day EMA line for the next couple of days. Thereafter, ETH will look to challenge the closest resistance level at around $1,925.84.
Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.