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7.8M Ethereum Leaves Binance In Two Months—What Does This Mean for ETH?

The Ethereum market has recently seen a notable shift, with significant outflows from centralized exchanges sparking discussions about the near term trajectory of the cryptocurrency. Amid this, Ethereum has recorded a 2.4% decrease in the past 24 hours with a current trading price of $3,858, marking a 21.1% decrease away from its all-time high of $4,878 seen in 2021. Related Reading: Ethereum Whales Load Up: Bullish Sign Or Bear Trap? Ethereum Withdrawals from Binance Surpass 7.8 Million ETH Data from CryptoQuant reveals that approximately 20.8 million ETH have been withdrawn from centralized exchanges in the past two months, a trend reminiscent of the 2021 bull market. Binance has played a central role in this movement, accounting for over 7.8 million ETH, which represents 33-39% of the total outflows. These outflows could be indicative of investors accumulating ETH for long-term holding or staking purposes, as suggested by CryptoQuant analyst Crazzyblockk. The analyst added: These significant outflows from Binance indicate the platform’s continued influence on the cryptocurrency market, especially in balancing supply and demand for Ethereum. Notably, Binance’s influence is particularly evident given its global user base of 250 million and a record $21.6 billion in deposits this year, according to Crazzyblockk. The substantial outflows from Binance align with bullish market sentiment, as large-scale withdrawals often signal investor confidence. These movements suggest that Ethereum holders are moving their assets off exchanges. This reduction in the available supply of ETH on exchanges can create upward pressure on prices, should demand remains consistent or grows. Etheruem Market Performance And Outlook Ethereum has so far been struggling to make significant price move to the upside ever since the latest crypto market bull run began months ago. Despite Bitcoin seeing consistent gains recording new all-time highs nearly every month, Ethereum has lacked enough upward momentum to push its price past the $4,000 barrier. It is worth noting that this sluggish performance from Ethereum comes amid the positive developments ongoing in the crypto space including the recent news of Deutsche Bank, Germany’s largest lender reportedly working on its own layer-2 (L2) blockchain on Ethereum using ZKsync technology. JUST IN: Deutsche Bank building its own Layer-2 on Ethereum – Bloomberg pic.twitter.com/5O5K3R1fRg — Radar???? (@RadarHits) December 18, 2024 Regardless of such news, ETH has seen a slight increase of 2.3% in the past week, , a lower performance compared to that of Bitcoin’s 5% increase over the same period. Related Reading: Ethereum Spot ETFs Witness Unbroken 16-Day Inflow Streak: New ETH ATH Soon? According to analysts, Ethereum could still likely see further correction in its price as bearish signals recently formed on its chart suggesting a potential drop to 3,400. $ETH has formed a bearish double top, with RSI showing bearish divergence and a MACD crossover confirming the trend. A short-term correction could bring it to $3,400, with major support at $3,200 and $3,000. #Ethereum #CryptoTrading #eth pic.twitter.com/iWaPh1vwrr — crypto vulture Trader ???? (@crypto_vulture1) December 18, 2024 Featured image created with DALL-E, Chart from TradingView

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Bitcoin sinks below $100,000, altcoins tumble following Fed’s hawkish signals

Market volatility highlights the sensitivity of cryptocurrencies to monetary policy shifts, impacting investor confidence and asset stability. The post Bitcoin sinks below $100,000, altcoins tumble following Fed’s hawkish signals appeared first on Crypto Briefing . NewsBTC

Cardano (ADA) Eyes Recovery: Key Resistance Holds The Answer

Cardano price started a downside correction below the $1.050 zone. ADA is consolidating and facing hurdles near the $1.020 and $1.040 levels. ADA price started a downward move below the $1.020 support zone. The price is trading below $1.00 and the 100-hourly simple moving average. There is a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair (data source from Kraken). The pair could start another increase if it clears the $1.020 resistance zone. Cardano Price Faces Selling Pressure After struggling to clear the $1.120 resistance zone, Cardano started a fresh decline, like Bitcoin and Ethereum . ADA declined below the $1.10 and $1.050 support levels. The pair even declined below $1.00. A low was formed at $0.9151 and the price is now consolidating losses. There was a minor increase above the $0.940 resistance level. It cleared the 23.6% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low. Cardano price is now trading below $1.00 and the 100-hourly simple moving average. On the upside, the price might face resistance near the $1.00 zone. The first resistance is near $1.020. There is also a key bearish trend line forming with resistance at $1.015 on the hourly chart of the ADA/USD pair. It is close to the 50% Fib retracement level of the downward move from the $1.1113 swing high to the $0.9151 low. The next key resistance might be $1.050. If there is a close above the $1.050 resistance, the price could start a strong rally. In the stated case, the price could rise toward the $1.0650 region. Any more gains might call for a move toward $1.10 in the near term. Another Decline in ADA? If Cardano’s price fails to climb above the $1.020 resistance level, it could start another decline. Immediate support on the downside is near the $0.9450 level. The next major support is near the $0.920 level. A downside break below the $0.920 level could open the doors for a test of $0.90. The next major support is near the $0.8650 level where the bulls might emerge. Technical Indicators Hourly MACD – The MACD for ADA/USD is losing momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for ADA/USD is now below the 50 level. Major Support Levels – $0.9450 and $0.9200. Major Resistance Levels – $1.020 and $1.050. NewsBTC