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ETH is switching to Binance for nearly $ 262 million as Ethereum sinks below $ 4,000

Tomiwabold Olajide

Ethereum falls below $ 4,000 as 262 million ETH transactions hit Binance

contents

  • Ethereum shows positive netflow in the last 24 hours
  • Ethereum price promotion

WhaleAlert reports that almost $ 262 million worth of ETH tokens have been moved to Binance in the past few hours. Ethereum drops below the $ 4,000 mark as the entire cryptocurrency market comes under selling pressure.

🚨 🚨 🚨 🚨 12,116 #ETH (47,675,435 USD) transferred from unknown wallet to #Binancehttps: //t.co/p9blhwFMbT

– Whale alert (@whale_alert) December 28, 2021

In three large transactions identified by WhaleAlert, large tranches of Ethereum near 65,986 tokens were moved to Binance Exchange. The first transaction of 27,205 ETH or $ 109,887,570 value appeared on the blockchain 13 hours ago, while the other two transactions of 26,665 ETH and 12,116 ETH or $ 104,396,148 and $ 47,675,435, respectively, appeared six hours ago appeared later.

🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 🚨 26,665 #ETH (104,396,148 USD) transferred from unknown wallet to #Binancehttps: //t.co/f998jdj5BY

– Whale alert (@whale_alert) December 28, 2021

Ethereum shows positive netflow in the last 24 hours

As stated by on-chain analytics firm Glassnode, Ethereum has a NetFlow of + $ 10 million as currency inflows exceeded outflows.

Netflow shows the net amount of a cryptocurrency in and out of centralized exchanges. The difference between inflows and outflows is used to determine the value.

When NetFlow is negative, it means that the outflows are exceeding the inflows. In this case, investors are withdrawing more ETH than they are depositing and that could be bullish for the cryptocurrency.

A positive NetFlow, on the other hand, indicates that the exchanges are getting more Ethereum than is being taken off. Investors usually transfer their coins to exchanges to withdraw money or buy other tokens, so the persistently positive values ​​of the indicator can be negative.

Ethereum price promotion

Ethereum’s price has failed to break out after recently consolidating between the $ 4,250 and $ 3,575 levels. As a result, the ETH / USD pair is moving back to its crucial support levels as it goes down on Tuesday. ETH price traded at an intraday low of $ 3,880, despite pushing for a rebound to $ 4,128 in the previous session.

TradingViewETH / USD chart, source: TradingView

The ETH / USD pair is hovering around the $ 4,000 area and is defending much of its traction through its ascending trendline pattern. At the time of writing, Ether has been discounted at the intraday high of $ 4,038 and is currently trading at around $ 3,916.

The Ethereum Dominance Index rose to 21.2% in 2021, acquiring more “territory” from Bitcoin, reducing its market share to 40.6%. BTC had a market share of 71.86% at the start of the year, while ETH had a share price of 10.63%.

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