Investing.com – Among the most heavily traded cryptocurrencies, selling pressure is tighter, especially after the consolidation.
In the last 24 hours, the cryptocurrency market has seen a recovery of about 5%. Ethereum price also started trading above $1,350, up 5.2% in line with the market. However, there are concerns that selling pressure will persist in the markets.
The Whale Alert Twitter account cited a large amount of Ethereum transfers to major crypto exchanges Binance and FTX in the early hours of the day. According to Blockchain data, more than 270,000 Ethers were sent to exchanges in a short period of time. Among these transactions, the amount sent to FTX was 20,000 ETH, while sending 250,000 ETH to the Binance platform in a single transaction was recorded as a more unique transfer. Accordingly, the value of Ethereum, which was converted into two major cryptocurrency exchanges in a short time, amounted to $366 million.
Cryptocurrencies transferred to cryptocurrency exchanges are generally seen as transfers made for the purpose of selling. Therefore, the increase in crypto assets entering the exchanges leads to an increase in the bearish sentiments of the investors. As it stands, after a partial recovery of 5% for Ethereum, it has brought to mind the question of whether major investors, called whales, will value such a low rate hike.
Ethereum cannot recover from the aftermath
After a successful network update, Ethereum has started work on a new system that will see benefits in the medium term. However, some investors expected Ethereum to see a rapid increase in demand after the merger. However, this did not happen and investors sold off expectations of the merger, which were partially positive, after the event.
The fact that risky markets are under the control of sellers is due to the fact that inflation has been resisting the downside and thus the Fed’s policy of increasing interest rates, accompanied by his hawkish views. The update of the merge, which took place in such a period, also failed to act as a bullish catalyst for Ethereum. Ethereum has lost more than 15% since the network update on September 15 and was moving in the $1,350 range in the early hours of the day.
Author: Gunay Caymaz