- A 23,330 ETH deposit worth $61.9M on Binance raises worries about Ethereum’s market trend.
- Ethereum has remained range-bound since February 3, uncertain about its next move.
- Santiment reports low network fees, signaling potential bearish conditions for Ethereum.
An Ethereum whale has made 23,330 ETH worth $61.9 million in deposits at the Binance exchange in the last four days. The transfer was done for an average of $2,654 per token. This development has raised concerns about Ethereum’s general direction in the market, sparking fears of a potential bearish trend.
Spot On Chain, an analytical platform, disclosed the transaction details in an X post on Wednesday. The substantial scale drew attention due to the high volume of ETH involved in deposits. Some analysts see this as a potential signal of a market trend shift. Its movement is especially valued as a possible indicator of changes in the broader market.
Notably, the whale accumulated Ethereum at lower prices but now appears to be selling during price dips, which may indicate a lack of confidence in further upside. This strategy may not maximize profits. It could reduce the long-term growth of the whale’s holdings, a factor that raises eyebrows among analysts.
Ethereum’s Price Stagnation
However, Ethereum has remained range-bound since the crash on February 3. It has traded between $2,600 and $2,800. Although it was trading above $2,800 this week, volatility remains. Ethereum’s network fees have dropped to an average of $0.41, a significant decline from the two-year peak of $15.21. According to Santiment, an analytics firm, low fees are common during a bear market. This may indicate that Ethereum is in the mid-stage of its market development.
As of press time, ETH is trading at $2,722, up 0.95% over the last 24 hours. Its market capitalization is currently $328.12 billion. While some analysts think such a low-fee environment may indicate a bullish tone, others are skeptical.
Related: Ethereum Whales Stack Tokens: What This Means for Price
Ethereum faces resistance at $2,725 and $2,750. A breakout above these levels could drive the price toward $2,850. If ETH fails to clear these resistance points, a decline is possible. The support is near $2,660, with further levels at $2,600 and $2,550. A drop below $2,600 could bring ETH closer to the $2,440 support level.
Whale activity combined with Ethereum’s stagnant price action suggests a period of market uncertainty. Although low transaction fees indicate a possible bull charge, resistance levels and the whale selling indicators suggest a possibility of further price decline. Investors remain on the sidelines, waiting to see more definitive signs in the future weeks.
