CryptoQuant reported that almost half a billion USD in Ether have been withdrawn from multiple spot exchanges, and half of that amount was moved off Binance and Bithumb.
South Korean on-chain data vendor CryptoQuant has shared that, just recently, an astounding amount of Ethereum has been withdrawn from multiple spot crypto exchanges: approximately 60,000.
Half of that was taken off of Binance alone. Besides, another 60,000 ETH were moved from major South Korean digital exchange Bithumb.
Meanwhile, a top Bloomberg forecaster has tweeted that Ethereum is challenging Bitcoin’s dominance, explaining his reasons.
120,000 Ether withdrawn from spot exchanges
According to the recent CryptoQuant tweet, in the late hours in North America and the early hours in the APAC region, approximately 60,000 ETH were withdrawn from crypto exchanges, and 34,000 ETH from that amount was moved from Binance alone.
The price of the second biggest crypto, Ethereum, was moving in the $3,100 area at that time. Besides, popular crypto tracker Whale Alert noticed 60,000 ETH sent from the South Korea-based Bithumb exchange to an anonymous crypto wallet.
The total amount of Ethereum withdrawn is equal to slightly over $376,000,000 in fiat.
Large withdrawals of crypto may signify intentions to store long-term in cold wallets or, in the case of Ethereum, ETH may afterwards be staked in the Ethereum 2.0 deposit contract.
Besides, Whale Alert spotted more large ETH transactions on Etherscan. Around 11 hours ago, 27,183 ETH were transferred between anonymous wallets. Eight hours ago, anonymous crypto whales shifted 35,625 ETH between their wallets—that equals $112,098,446 in fiat.
“ETH shows higher level of bullishness versus BTC, challenging its dominance”
Christophe Barraud, strategist and top forecaster at Bloomberg, has taken to Twitter to offer data showing that Ethereum is striving to surpass the dominance of Bitcoin on the crypto market.
The expert has tweeted that the main reason for this is a rise in adoption by financial institutions. According to data shared by Barraud, one-month ETH futures contracts are now trading at a premium that is higher than that of Bitcoin futures; 8.37 percent versus 6.58 percent.
This, he says, shows that Ethereum is facing a higher level of bullishness than Bitcoin.
#Ethereum is challenging #Bitcoin’s dominance in the crypto world as signs of institutional adoption grow. Its one-month forward contract is trading at a 8.37% premium to the spot price, versus Bitcoin’s 6.58% premium, illustrating a higher level of bullishness – Bloomberg pic.twitter.com/ZfluHRYP7T— Christophe Barraud🛢 (@C_Barraud) August 27, 2021
Besides, as per data shared by Chinese crypto journalist Colin Wu, the Ethereum hashrate is at 650,815 GH/s, a new major high. This shows a rise in the strength of the Ethereum network.
At press time, Ethereum is trading at $3,119, as per data provided by CoinMarketCap.
Ethereum Price Prediction: ETH bears contemplate a drop to $2450
- ETH price is building up downside pressure while clinging to the 200-SMA support.
- RSI remains flat below the midline, keeping the sellers cheerful.
- A drop towards $2450 remains in the offing if the 200-SMA caves in.
Ethereum, the no.2 widely traded digital asset, remains under pressure for the second straight day, consolidating Friday’s steep losses.
ETH price snapped its two-day rebound from monthly lows of $2651, as it got sold-off into the latest Chinese crackdown.
The People’s Bank of China (PBOC) on Friday declared all cryptocurrency transactions as illegal, imposing a ban, which saw over $400 million worth of tokens liquidated within 24 hours. Ethereum lost as much as $420 at one point before recovering to $2930.61 at the close.
At the press time, ETH/USD is trading almost unchanged on the day around $2900, having bounced off from daily lows at $2800.
Ethereum price defending 200-SMA but for how long?
Ethereum’s 12-hour chart shows that the price is wavering in a narrow range, remaining in close vicinity of the daily troughs, as ETH price is not out of the woods yet.
Having witnessed good two-way volatility recently, ETH price maintains its range play, with the bearish 21-Simple Moving Average (SMA) at $3185 capping the upside.
Meanwhile, the 200-SMA at $2734 continues to offer support to ETH bulls. However, with the Relative Strength Index (RSI) still holding below the midline and bear cross in play, the path of least resistance appears to the downside.
Note that the 21-SMA breached the 100-SMA from above, confirming a bear cross on the said time frame on Thursday.
Once the 200-SMA gives way, a test of the horizontal trendline support at $2450 cannot be ruled out. The $2400 round number would be next on the sellers’ radars.
ETH/USD: 12-hour chart
On the upside, immediate resistance is placed at the 21-SMA, above which the horizontal 100-SMA at $3305 will be put to test.
ETH buyers will seek fresh entries above the latter, paving the way towards the downward-pointing 50-SMA at $3418.
ETH Locked in DeFi on Historic Highs: Details
Total number of Ethers utilized in various decentralized finance protocols spiked over 7.3 million
After a massive plunge in TVL, a decentralized finance ecosystem has recovered to observe some breathtaking metrics.
7,830,000 Ethers locked in DeFi
The net number of Ethers locked in various decentralized finance protocols spiked 12% in the past ten days. On Sept. 15, 2021, this indicator bottomed at a two-month low of about 6.95 million Ethers.
As displayed by mainstream decentralized finances segment tracker DeFi Pulse, the total quantity of Ethers in all indexed protocols nets 7.8 million Ethers.
Aave Finance (AAVE), Compound Finance (COMP), Instadapp, Uniswap (UNI), Curve Finance (CRV) are the most popular protocols in terms of TVL.
The five leading DeFis are responsible for almost 6.9 million Ethers, or 85% of net TVL, tracked by DeFi Pulse.
Yearn.Finance (YFI), Rari Capital (RGT) are on fire
In the last 24 hours, two DeFi protocols, Yearn.Finance (YFI) and Rari Capital (RGT), registered double-digit gains.
At the same time, the Ethereum 2.0 deposit contract targets almost the same numbers. As of Sept. 25, 2021, it has amassed 7.77 million Ethers.
Amid the current Ethereum (ETH) price dip, this massive amount of value is equal to $22.7 billion. To provide context, this sum can be compared to the market capitalization of Telenor, Credit Suisse, Suzuki and Warner Music Group.
Ethereum Network Activity is Stagnant while ETH Price Hovers Below $3k Level!
There’s a lot of fear and uncertainty in the crypto market right now. With news that China has officially declared all cryptocurrency transactions illegal, the Ethereum price, like the rest of the market, is under attack.
Ethereum Price Analysis:
The Major altcoin has lost 5.76% in the last 24 hours. Although it is now seeking to construct a firm support base at $3000. ETH Price had a tumultuous start, rising to an intraday high of $3,114 in the early morning before reversing course.
To reach the first big resistance level at $3,149, Ethereum would have to break past the $2,942 pivot. Support from the larger market, on the other hand, would be required for Ethereum to reclaim the $3,100 barrier. Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $3,160.48 will likely act as a ceiling on the upside.
Network Activity is Stagnant
According to Santiment, most speculators are shifting away from Ethereum (ETH) in pursuit of better options with larger returns on investment.
Exchanges are seeing an influx of Ethereum, implying that people are selling their holdings in response to the recent marketwide crypto slump.
Santiment claims that network growth has been static for several months before the price of ETH fell.
This is attributed to growth in other Layer-1 initiatives like Avalanche (AVAX), Fantom (FTM), and Cosmos (ATOM), as well as decreased speculation in the non-fungible token (NFT) market.
New Survey Shows Australian’s Love for Crypto is Fueled by These Noble Drives
Stellar USDC Based $150 million Liquidity Support to On-Chain Projects
Bitcoin Drops as China Declares Crypto-Businesses Illegal
Bitcoin1 week ago
Protesters in El Salvador Set Fire to Bitcoin ATM in Defiance of President Bukele
Avalanche (AVAX)2 days ago
Avalanche Price Prediction – Will AVAX Price Hit $100 in 2021?
Bitcoin2 days ago
Bitcoin hodlers are about to spark a run to new BTC price highs, data suggests
Dogecoin3 months ago
Elon Musk Shows “Deepest Desire” of Dogecoin Holders
Bitcoin2 days ago
Too ‘grande’ to fail — Bitcoin price stumbles at $44K as China plans for Evergrande’s implosion
Dogecoin2 days ago
Elon Musk Says It’s “Super Important” for Dogecoin Fees to Drop
Cardano2 days ago
Cardano (ADA) Will Moon Shot to $4 by the End of 2021
Ripple1 day ago
Ripple CEO Open to Settling with SEC, but Under One Condition