Ethereum Faces $4,000 Barrier as Large Tranches of ETH Move to Exchanges
As massive amounts of ETH are transferred to exchanges, Ethereum is facing a $4,000 hurdle
Whale Alert announces that an astounding 38,143 Ethereum tokens, or close to $151 million are being transferred into exchanges over the past 24 hours. Ethereum is struggling to keep up with the current price, after soaring to $4,005 earlier this morning.
As per Whale Alert, the first big transfer of 21,075 Ethereum, valued at $83,252,793, was recorded on the blockchain just 23 hours ago.
Another massive purchase of 10,097 Ethereum tokens, which is $44,475,089 worth was made four hours following the initial one. Between these two transactions were those of 3,004 and 2,971 ETH tokens valued at $11,965,552 or $12,080,470 and $12,080,470 respectively.
In addition there were 3 transactions worth of Ethereum moving from exchanges to wallets was confirmed by WhaleStats. The most significanttransaction was 15,000 ETH which is equivalent to $60,451,561. from Bitfinex to an unidentified wallet.
15,000 #ETH (60,451,561 USD) transferred from #Bitfinex to unknown wallethttps://t.co/urSoM5IzFi
— Whale Alert (@whale_alert) December 22, 2021
The two other transactions involved more than $23 million worth of ETH transferred from Kraken to an unidentified wallet.
Ethereum price action
Following the price of Ether reaching the new high of $4,867 in November. 10, the interest in the Ethereum community has increased however, the increase was only for a short time as market sentiment turned to anxiety. Despite a push for a recovery the price of ETH fell, it was at a low of $3,503.
It is worth noting that the Ethereum price has been showing constant indications of recovering from the initial shock during the past week. It is currently at around $4,000 it is also defending its upward trend with its base of support. On Wednesday Ether’s price Ether was rebuffed at $4,074, and is currently battling the $4,000 threshold.
As of the time of writing the price of Ethereum is $3,940. This is accompanied by $15,316,090,468 daily trading volume. Over the last 24 hours, it fell 2.12 percent. With a market capitalization of $467,242,699 and 326 reported on CoinMarketCap the site, it is currently at the top of the list. The maximum amount of supply isn’t disclosed, however, it has a circulation supply of 118.857,239 ETH tokens.