• The ARB Foundation moved 90K ETH to Binance, raising concerns of a potential ETH sell-off.
  • Ethereum’s price may drop if the 0.236 Fibonacci barrier on its periodic display disintegrates.
  • Traders are closely watching the economy as large transfers often signal upcoming sell-offs.

A major ETH transfer by a whale storage to Binance has caused fears of a possible sell-off. The wallet linked to the ARB Foundation moved 90,000 ETH worth around $226 million within the previous day. This large transfer has led to concerns that Ethereum’s price might drop.

Read CRYPTONEWSLAND on google news

Impact on Market Sentiment

The ARB Foundation, known for its work in mental health, made this large transfer, which alarmed many in the crypto community. Onchain tracker The Data Nerd reported the movement of 60,000 ETH to Binance after an earlier transfer of 30,000 ETH. This activity has led traders to think the Foundation could be planning to sell its Ethereum holdings.

$ETH dumping?????

8 hours ago, a wallet (may belong to #ARB_Foundation ) deposited 60k $ETH (~$150.33M) to #Binance .

Within 24 hours, he deposited totally 90k $ETH (~$226.02M) to #Binance .

Address: https://t.co/zjzY3AsIo7 pic.twitter.com/qVrMTwgWgk

— The Data Nerd (@OnchainDataNerd) September 1, 2024

Large transfers to exchanges like Binance often suggest a coming sell-off. As a result, the community is watching the situation closely. Could this action affect the broader purchasers or is it just a regular move?

Ethereum’s Price Action and Technical Indicators

Ethereum’s recent cost . movement shows the growing worry in the commerce. Even though Ethereum closed at $2,519 with a 2% increase, many are still cautious. Ethereum’s 24-hour trading volume also surged by 76% to $14 billion, which shows increased activity and concern about a possible sell-off.

Ethereum Faces Sell-Off Fears as Whale Moves 90K ETH to Binance image 0 Ethereum Faces Sell-Off Fears as Whale Moves 90K ETH to Binance image 1

source : coinmarketcap

The coin is now testing the 0.236 Fib level on its daily chart, which is important for short-term price moves. If this level fails, Ethereum might drop to the $2,116 support level that was set during the August 5 market crash.

Market Implications and Broader Trends

Ethereum holds 14% of the cryptocurrency market,, while Bitcoin dominates with 56%. Any major action involving Ethereum could impact the wider market. The volume-to-market cap ratio is 4%, which suggests active trading and the potential for more volatility. The crypto community remains alert and is watching for more developments that could affect Ethereum and the overall market. Will this whale’s actions lead to a bigger market drop or will Ethereum hold steady?

disclaimer read more

Crypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.