$1.2 bln in ETH withdrawn from CEX during Jan, this might be the reason - CryptoCrazeNews

$1.2 bln in ETH withdrawn from CEX during Jan, this might be the reason

$1.2 bln in ETH withdrawn from CEX during Jan, this might be the reason

$1.2 bln in ETH withdrawn from CEX during Jan, this might be the reason

The world’s second-largest cryptocurrency, Ethereum, has once again captured everyone’s attention, with crypto whales and giant investors expressing their interest. According to on-chain analytics firm IntoTheBlock, these investors and whales have accumulated over $500 million worth of Ethereum this week from centralized exchanges (CEXs). However, in the first month of 2024, whales and investors have accumulated a total of over $1.2 billion in Ethereum.

Ethereum withdrawal amid potential ETH approval 

This ETH accumulation has been significant in the past month as the price of ETH continues to hover below $2,150. This substantial accumulation of ETH might be attributed to the potential approval of a spot Ethereum ETF in the United States. Previously, we witnessed a similar accumulation before the approval of a spot Bitcoin ETF, where crypto whales and asset managers heavily accumulated Bitcoin, coinciding with a period of lowered Bitcoin prices.

Similar to Bitcoin, crypto whales and investors are now capitalizing on Ethereum’s current price levels. Upon examining the chart, it is evident that following the approval of a spot Bitcoin ETF (Exchange Traded Fund), the price of Ethereum has dropped significantly from $2,650 to $2,290.

This significant price drop is not limited to Ethereum but has also been observed across the cryptocurrency industry. Major cryptocurrencies like Bitcoin (BTC), Solana (SOL), Ripple (XRP), Cardano (ADA), and others have experienced this price decrease.

ETH price and technical analysis

As of now, Ethereum is trading near $2,290, and in the past 24 hours, it has experienced a slight 0.15% downside movement. Looking at Ethereum over a longer time frame, in the last 7 days, ETH has shown over 1.5% upside momentum, while in the last 30 days, it has experienced a 3.3% downside momentum.

According to expert technical analysis, on a daily time frame, ETH appears bearish as it forms a bearish flag pattern, and there is a possibility that in the coming days, it could reach the $2,150 level, which is its next support. Despite these bearish technical analyses, Ethereum is still trading above its 200 EMA (Exponential Moving Average).

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