An anonymous cryptocurrency wallet holding $31,546.011 in Ethereum transferred its funds to Binance, the largest cryptocurrency exchange. The Ethereum wallet address of the altcoin associated with this transfer is defined as: 0x9ec9bc7fb027448bb2670c4bd56043ea9dfd2dcc. Meanwhile, Ethereum price managed to break critical levels with the rise in Bitcoin.
Leading altcoin Ethereum moved to Binance
Altcoin Ethereum (ETH) whales, which ranks second by market capitalization according to on-chain data, transferred a certain amount to Binance, the world's largest exchange with transaction volume. According to experts, abnormally large transfers of cryptocurrencies from wallets to exchanges are typically a bearish signal. Most high-net-worth cryptocurrency traders keep their funds in a hardware wallet because these devices offer better security than cryptocurrency exchanges. Hardware wallets store investors' private keys offline and protect cryptocurrencies from online attacks.
When whales transfer Ethereum to an exchange, it usually means they are looking for liquidity, according to experts. Since the security risks of holding large amounts of cryptocurrencies on an exchange are higher than holding these assets in a hardware wallet, it is unlikely that the investor plans to hold their crypto on Binance. To many, it is likely that this Bitcoin whale plans to either sell Ethereum or trade it for other altcoins.
Latest situation in Ethereum price
Ethereum has recently gained momentum with the rise of Bitcoin and managed to break above the key $3,000 resistance zone. ETH remained in a positive zone above the $3,050 level and the 100 hourly simple moving average. During the rise, there was a break above several short-term bearish trend lines at $3,000 and $3,080 on the hourly chart of ETH/USD, according to analyst Aayush Jindal. The pair even broke the $3,120 resistance level and hit a new year high at $3,190. Ether price is currently consolidating gains below the $3,190 level.
TAGS: ALTCOIN, Whale, BINANCE ETHEREUM, (ETH), CRYPTO
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