Over 150,000 ETH Moved To Exchanges In The Last 24 Hours: What’s Next For Ethereum?
Ethereum is rising, adding a decent 5% on the last day and nearly 10% over the past trading week, according to CoinMarketCap data. As ETH shakes off weakness, breaking above the local resistance– now support– at around $2,400, confidence is high. Over 150,000 ETH Moved To Exchanges All the same, IntoTheBlock data on September 20 reveals that when prices rose, breaking above $2,400, all within the last 24 hours, more coins were moved to leading exchanges, including Binance and Coinbase. According to the blockchain analytics platform, over 150,000 ETH were transferred to these platforms, a dent to bullish momentum and sentiment. Typically, whenever coins are moved to exchanges, it could signal the intention of holders to sell. This is because, on centralized ramps like Binance or Kraken, ETH is paired with other crypto assets like Solana or Bitcoin and with stablecoins such as USDT and fiat, including the USD or JPY. Accordingly, when these assets hit these ramps, it is easier for holders to liquidate, convert the coin to other assets, or even cash out via fiat or stablecoin. Over 150,000 ETH moved to exchanges | Source: @intotheblock via XIt is still determined whether the over 150,000 ETH sent to exchanges have been sold. All the same, the transfer is also a concern. This is especially true considering that the transfer is the largest to exchanges in over nine months. Ethereum Breaking Higher, What’s Next? At spot rates, Ethereum is breaking higher. The local support is at $2,400. Moreover, buyers are in the driving seat following the confirmation of the September 13 bull bar. Although ETH bulls must close above $2,800 for trend definition, the short-term move supports bulls. Ethereum price moving upward on the daily chart | Source: ETHUSDT on Binance, TradingViewIf the coin closes above $2,800, it could set the base higher to $3,500 for another swing. Following the break above $2,400, Ethereum bull bars are already beginning to band along the upper BB. This development points to increasing volatility and build-up of buying pressure. Amid this transfer, it is also emerging that the Ethereum Foundation is liquidating. Earlier today, Spot On Chain data shows they sold 300 ETH for over 763,000 DAI. Even so, this is not the first time the Foundation is unloading ETH. Over the past week, they have sold over 650 ETH. Feature image from DALLE, chart from TradingView Dalmas Ngetich Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich. Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.