On Monday, exchanges received around 800,000 Ethereum coins.
Ethereum witnesses increased whale activity since the week started. On Monday, large Ethereum addresses sent around 800,000 currencies to top cryptocurrency exchanges.
According to recent stats by Santiment, a cryptocurrency analytic company, whale addresses sent ETH tokens worth around $2 billion to digital exchanges. 23rd August, Monday, saw 779,880 Ethereum tokens sent to crypto exchange, accounting for a massive move since 21st June. Santiment attribute today’s ETH losses to the whale activity.
After trading at $3,400 yesterday, Ethereum’s price plunged by 5% today, Tuesday. While publishing this, the world’s most valuable altcoin trades around $3,200 as its market capitalization stands at $375 billion.
A renowned crypto tracking site Whale Alert noted 35,742 ETHs moved to an unrecognized cryptocurrency wallet on 24 this month. The overall token transfer value stands around $119 million. In another transaction, an ETH whale moved ETH worth around $165 million to an unidentified wallet on 22nd August.
Active ETH Addresses
The recent Santiment report highlighted increased ETH fees and a plunge in Ethereum’s active addresses. As the charges increase and crypto addresses drop, the platform becomes expensive to utilize. That might explain the divergence between the ETH addresses and fees.
Using the past reactions, market players presume that the addresses will see a slight drop. For now, investors might be concerned with a few signals: low address activity and exchange inflow. Santiment advises traders to act with care as some individuals seem to book profits for now.
Meanwhile, Ethereum has seen increased interest by institutional and retail investors in the past weeks regardless of the weak activity by daily active addresses. Finance Magnets highlighted the ETH’s growing popularity in Singapore at the start of this month. Ethereum products registered institutional inflows worth $3.2 million last week.
Today’s early sessions saw most altcoins in the red zone. Analysts believe that the slight plunges come as investors book profits following the recent upside movements.
Ethereum Technical Indicators
- Hourly MACD – ETH/USD MACD losses pace towards the bearish region.
- Hourly RSI – ETH/USD’s RSI remains beneath the 50-level.
- Critical support level – $3,120
- Critical resistance level – $3,265
