$262M worth of Ethereum moved to Binance as Ethereum price drops


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The price of Bitcoin moved in the last 48 hours negatively after it managed to exceed the level of 50 thousand dollars, as the price declined significantly and fell to the level below 48 thousand dollars.

Most of the altcoins were affected by the recent decline of Bitcoin, with Ethereum dropping below $4,000.

Regarding Ethereum, the “WhaleAlert” Twitter account stated that $262 million worth of Ethereum “ETH” was transferred to Binance in the past few hours.

As mentioned earlier, the price of Ethereum fell below the $4,000 level, as the entire cryptocurrency market collapsed into selling pressure.

The Ethereum blockchain witnessed three large transactions observed by “WhaleAlert,” which involved the transfer of a large amount of Ethereum, estimated at 65,986 ETH, to the Binance platform.

The first transaction, worth 27,205 ETH, or an estimated value of $109,887,570, appeared more than 15 hours ago, while the other two transactions worth 26,665 ETH and 12,116 ETH, or $104,396,148 and $47,675,435, respectively, appeared six hours later.

Increasing the amount of Ethereum inside the trading platforms:

Analytics firm Glassnode said NetFlow increased by $10M+, as inflows outpaced outflows.

Netflow shows the net amount of cryptocurrency in and out of central trading platforms, using the difference between inflows and outflows to calculate its value.

When “NetFlow” is negative, this indicates that the outflows exceed the inflows.

In this case, investors withdraw more Ethereum than they deposit, and this could be a bullish sign for the cryptocurrency.

On the other hand, a positive NetFlow indicates that exchanges are getting more Ethereum than they are being taken out.

Investors usually transfer their cryptocurrency to exchanges to withdraw funds or buy other cryptocurrencies, so persistent positive levels of the indicator may be negative.

Ethereum price movement:

Ethereum price failed to breach after the consolidation that took place between $4250 and $3,575 levels recently.

As a result, the ETH/USD trading pair rebounded to critical support levels while heading lower on Tuesday.

Ethereum price is trading lower to intraday lows at $3750 despite pushing towards recovery to $4,128 in previous sessions.

Despite the drop in the price of Ethereum, the Ethereum market dominance index is still above 20%.

Read also:

After El Salvador’s adoption of Bitcoin as a legal currency… Bitcoin transactions in El Salvador are declining at high rates

Thailand postpones its CBDC pilot program

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