Crypto News

Ethereum Faces Resistance At $3,200 Amidst Market Decline

Ethereum encounters a significant barrier at the $3,200 mark, with a substantial number of addresses holding millions of ETH. However, the cryptocurrency is currently experiencing a 5% decline, trading at $3010.

Recent trends in ETF flows indicate a net negative, primarily driven by minor outflows from Grayscale. Despite initial concerns surrounding the halving triggering a ‘sell the news’ event among institutions, data suggests otherwise, with institutional accumulation remaining steady.

Nevertheless, there is a growing sentiment that a new catalyst is needed to reignite institutional interest in Ethereum.

Multiple Whales Sells Off Notable Amount Of ETH

According to Lookonchain data, several whales have offloaded a significant amount of ETH following the market downturn. Notable transactions include deposits to Binance by addresses 0x4353 and 0x4446, totaling millions of dollars worth of ETH.

Address 0x488b sold stETH and wstETH tokens, while addresses 0x59e9 and 0xC47f made deposits to Coinbase, adding millions of dollars worth of ETH to the exchange.

FTX/Alameda also deposited a substantial amount of ETH to Binance, further contributing to market activity.

In addition, Grayscale transferred a considerable sum of ETH to Flow Traders, marking the fourth transaction between the two entities in the past three months.

Overall, these transactions reflect ongoing market dynamics and highlight the need for a new catalyst to stimulate institutional interest and drive Ethereum’s price forward.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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