Key Insights:
- A wallet, possibly linked to Matrixport, withdrew 50,734 ETH ($130 million), leaving the question of what will happen to the Ethereum price.
- Ethereum’s price is stabilizing around $2,500, with recent price movements showing resistance at $2,600.
- Ethereum’s ($ETH) short-term outlook is uncertain, as it tests support at $2,500 and faces resistance around key price levels.
Ethereum ($ETH) coins, worth about $25.97 million, were withdrawn by a wallet possibly belonging to Matrixport as the Ethereum price stabilized. This wallet has withdrawn a cumulative total of 50,734 ETH, approximately $130 million, to both Binance and OKX within the last two days alone.
The high-volume drawdowns draw attention, in particular, under the current market conditions.
Large wallets withdrawing a considerable quantity of ETH may have several possibilities. These include putting it into cold wallets. Those steps can frequently be noticed prior to market changes or when whales want to change their holdings beyond the exchange wallets.
Ethereum Price Consolidation Around $2,500
Ethereum is currently trading at around $2500. This price stability implies that the market has attained a momentary equilibrium after previously facing some high swings.
The Ethereum price performance has exhibited some stability ever since the middle of June, as evident in the CoinMarketCap chart. Although the market has been showing peaks, it has been facing resistance levels and creating higher lows slowly but steadily.
Ethereum’s recent price trend has not seen a significant increase or decrease as it moved downwards. In the first week of July, it was at around $2400 and up to $2600.
According to data on CoinMarketCap as of press time, Ethereum is currently priced at $2,561.14, which is a 1.44% dip over the preceding 24 hours. This slight decline corresponds to the rest of the crypto market, where movements occur every day during a time of consolidation.
Liquidation Data Showing Heat on the Ethereum Price
Looking at the liquidation data, we see that the market environment is volatile and highly affected by short and long liquidations. Spikes in short liquidations and, to a greater extent, in long liquidations are very significant in the last few weeks, especially in June and early July.
As seen again not a while back, the liquidation data indicators show that the market is being squashed with large long liquidations. That occurred when the price experienced short-term downward pressures.
However, in recent days, short liquidations have been spurred by a significant increase, specifically when volatility increased. This liquidation of short positions is an indication that perhaps there is a higher price growth in the near future, since short positions are being called off.
Its overall liquidation value, which has stayed in the range of 60 million to 120 million dollars marketwide, implies a lot of actions in the market. Although the Ethereum price equilibrates at a value of around $2 500, the listing of liquidations implies the feeling of heat by both long and short traders.
Ethereum Price Moving Within a Golden Cross
Looking at the short-term perspective of Ethereum price, it is at a decisive point. The most recent trends on the ETH/USD graph indicate that more testing of the support and resistance levels might be needed.
Ethereum has been able to maintain its position higher than the 50-day moving average (blue line), which is serving as support at the moment.
From a technical analysis perspective, the price movement in the market is being pushed by recent volatility. However, the support level at the price of $2,500 is solid. According to the technical chart, Ethereum price stands slightly above the 200-day moving average (orange line).
It is a crucial point that may indicate a possible bullish attitude in the long run. However, Ethereum price has not seen any resistance levels broken above the $2,600 level. The price has already been rejected many times.
There is no evidence to show that these withdrawals are to be long-term holdings or just a strategy itself. Yet, the large amount of this change hints that these whales have a profound influence on the major movements in the market.
However, whales could certainly affect the Ethereum price. Continuous inflows and outflows in Ethereum ETFs could also play a huge role.
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
Brenda is additionally a news writer on the coin chapter. Brenda commits to producing excellent, well-optimized content to ensure consumer satisfaction. She has developed expertise in technical analysis and price forecasting of breaking blockchain news while at the coin chapter. Additionally, she enjoys engaging in stock markets and investing in cryptocurrencies.