The post Whale Moves 40,000 ETH to Bitfinex, Ethereum Price at Risk appeared on BitcoinEthereumNews.com.

Ethereum traders are on high alert following a massive whale transaction involving 40,000 ETH. It was valued at approximately $146.08 million and transferred from an unknown wallet to the Bitfinex exchange. Will Ethereum price react to this news? The transfer has caused uncertainty to Ethereum’s ongoing bullish momentum, which has seen the cryptocurrency consolidate above $3,600 in recent weeks. Historically, such large transfers have been linked to potential sell-offs, sparking fears of increased volatility in the short term. Ethereum’s Bullish Momentum Tested by Whale Activity A Golden Cross was confirmed on the 4-hour chart on the condition that the 13-period moving average crossed above the 49-period moving average. This is a bullish signal which means that the short term trend is positive and price is likely to move higher in the near future. The Golden Cross holding, Ethereum has retained its price above these Moving averages which enhances the traders’ confidence. Ethereum has been consolidating near its recent highs, trading at $3,642 at the time of writing. However, with the recent whale transfer, the future of Ethereum in following this path is uncertain, as traders are unsure if this move is a sign of a sell-off. This is because Ethereum has not been able to firmly breach the resistance level of $3,645 in the market. Support Levels Hold the Key Amid Consolidation On the price chart of Ethereum we can see clear patterns of support and resistance levels, which will shape the further movement. First support is found at $3,627 which coincides with the 13-period moving average. This level has offered short term stability and has enabled Ethereum to cling above key levels. – Advertisement – 1-day Ethereum trading chart | Source: tradingview Just below this, a strong support level can be seen at $3,528, which is the 49-period moving…

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Filed under: News - @ January 6, 2025 8:21 pm