- If the price manages to break the recent high of $1666 then a further rally is expected.
- The cryptocurrency witnessed $4.8 million outflow last week as per CoinShare.
The cryptocurrency market have experienced a widespread rebound lately with major cryptocurrencies trading in green. Ethereum’s recent fees stabilization has made the network even more appealing, and if the cryptocurrency can push through its present resistance levels, it has the potential to reach $2000 again.
Moreover, a crypto whale has moved a substantial quantity of ETH to Binance. As a result of this transaction, suspicions have circulated that the value of ETH would fall. The whale has now transferred a total of 12,000 ETH to Binance in the last three weeks, when combined with the preceding transactions. There are presently 10,902 ETH and 57 other coins stored at the whale’s wallet address.
High Volatility Expected
Given the timing of the Ethereum whale’s move, it’s worth considering whether or not the whole cryptocurrency market may see bearish momentum following this week’s interest rate decision by Fed Chairman Jerome Powell.
The price of Ethereum at the time of writing is $1649, up 0.54% in the last 24 hours as per data from CMC. Moreover, the trading volume is up 31.59%.
If the price manages to break the recent high of $1666 then a further rally all the way till $1738 is highly expected. On the other hand, if the price goes past the $1605 support level then price is likely to decline further to $1539 key support level.
Around $54 million worth of withdrawals from digital asset investment products were made last week, making this the fifth week in a row that such outflows have occurred. Year-to-date net inflows have dropped to only $51 million due to $455 million in withdrawals in eight of the last nine weeks.
In spite of positive sentiment towards Ethereum’s long-term potential and robust interest in its staking income, the cryptocurrency witnessed $4.8 million outflow last week.