Crypto News– The breakdown of this significant sell-off unfolded as follows: 297,454 ETH ($656.5 million) made its way to Coinbase (NASDAQ:COIN) Prime, while 146,507 ETH headed to Paxos Treasury. Additionally, smaller amounts of 7,800 ETH each, totaling $17.2 million, were transferred to FalconX and Coinbase. Despite this sizable transfer, Celsius reportedly still holds a reserve of 62,468 ETH, valued at approximately $139 million.
Ethereum Faces Enormous 1 Billion Dollars Sell-Of
Such a massive sale exerts considerable pressure on Ethereum’s price and has the potential to significantly influence market sentiment. Investors and traders are now concerned about whether Ethereum’s liquidity and market capitalization can absorb such a blow without triggering a broader market downturn.
Looking at the technical analysis, the substantial outflow from Celsius signals a bearish trend, likely testing Ethereum’s local support levels. A critical support level to monitor is around the $2,000 mark, which serves as both a psychological barrier and a technical support level. If breached, Ethereum’s price could tumble further, finding the next significant support at $1,800, historically a strong buy zone that could act as a defense against further declines.
On the other hand, resistance levels have become more robust following the sell-off. Any potential recovery will face resistance at $2,200, previously a support level. Breaking above this resistance could pave the way for co,n to reclaim higher price levels, potentially testing the $2,400 resistance.
The substantial sell-off initiated by Celsius has placed coin in a challenging position. Despite the robust fundamentals of the Ethereum network, the asset’s resilience in the face of such a significant sell-off underscores the true state of the market.
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