About $139 million in ETH was transferred between different wallets
Investors had no specific stance on Ethereum, as the price action showed indecision

holding whales Ethereum [ETH] Whale Alert has transferred over 100,000 in altcoin to separate wallets in the past 24 hours. According to the real-time major capital movement provider, the transactions amounted to an estimated $139.80 million.

However, there was a prominent part of these wallet exchanges that could not be overlooked – most of the transfers left centralized exchanges to “unknown wallets”.

Read Ethereum [ETH] Price prediction in front of 2023-24

The move could serve as evidence of investors’ determination to play it safer by being custodians of their assets following the collapse of the FTX. Recent Binance Audit Issues that saw a massive stock market outflow may also have played a role.

Surpass the king coin? Not for long

According to Santiment, the move had no significant effect on the value of ETH. The price, at the time of writing, was $1,186. The altcoin king, however climbed lightly against Bitcoin [BTC] at 0.071 BTC. This translated into a bit of outmatching in contrast to the number one cryptocurrency in market value.

Source: Sentiment

According to the Relative Strength Index (RSI), the four-hour chart against the US dollar showed ETH going through an extraordinary chorus period. At the time of writing, the RSI was showing its value at 33.46. This indicated a huge drop in momentum in the oversold area. And since it trended lower, a price reversal away from the bears was unlikely to happen any time soon.

Still on the price outlook, ETH’s seven-day 6.76% loss wasn’t enough to prevent it from experiencing the biggest volatility. As evidenced by the Bollinger Bands (BB), ETH’s apparent low volatility was short-lived between December 11 and December 13.

Since the bands were separated by an unusually large amount, ETH tended to follow one of the existing trends. But with the price approaching a move out of the BB, the altcoin could continue strong with its bearish momentum, meaning it could take further to reach $1,200.

Source: TradingView

ETH: The state on the chain

The price action was not solo to stay in a calm state. Ethereum’s on-chain activity also acted as a companion. According to Santiment, the positive ETH sentiment showed inconsistency in investor perception.

The on-chain analytics platform showed that the metrics had withdrawn to 408. Currently low, this meant little excitement about Ethereum on the crypto community section. Likewise, negative sentiment was hardly better.

Sitting at 247, it indicated that optimism about the altcoin outweighed fears. Nevertheless, it in no way guaranteed a recovery to or above $1,200.

Source: Sentiment

This post Ethereum: Whales Switch >100K ETH, But Will It Help Win Back $1,200

was published first on https://ambcrypto.com/ethereum-whales-switch-100k-eth-but-will-it-help-regain-1200/


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