According to crypto analyst Ali Martinez, these developments coincide with Ethereum founder Jeffrey Wilke transferring 10,000 ETH, valued at approximately $37.38 million, to the cryptocurrency exchange Kraken. Furthermore, the surge in Ethereum balances on cryptocurrency exchanges indicates a notable increase in tokens available for sale. Related Reading: Ready For Liftoff: XRP Price Primed To Skyrocket Before November The chart below shows that more than 242,000 ETH have been transferred to cryptocurrency exchange wallets over the past two weeks, signaling increased trading activity that can contribute to price volatility. This trend, coupled with Wilke’s transfer, suggests the possibility of a sell-off or an increase in profit-taking among market participants.
The recent approval of the Ethereum ETF applications by the US Securities and Exchange Commission (SEC) on Thursday has sparked speculation on the next price movements for the market’s second-largest cryptocurrency as the trading launch date approaches. However, significant transfers of Ethereum (ETH) to cryptocurrency exchanges have raised concerns about profit-taking, portfolio rebalancing, and potential market speculation. Sell-Off Amidst Ethereum ETF Greenlight?
For Martinez, the growing number of ETH deposits to exchange wallets implies a potential market reaction characterized by profit-taking or selling pressure. Additionally, the analyst notes that the Tom DeMark (TD) Sequential indicator has presented a sell signal on Ethereum’s daily chart, indicating the potential for a retracement or a new downward countdown phase before the upward trend resumes.
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