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What next for Ethereum’s price after 20.8M outflows on Binance

December 19, 2024
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Solana vs. Ethereum: Here’s how SOL is challenging ETH’s dominance
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Posted: December 19, 2024

  • Ethereum struggled below $4,000, with Binance outflows suggesting potential long-term accumulation.
  • Negative social sentiment mirrored December 2023 trends, potentially signaling a bullish recovery for ETH.

 How large withdrawals could impact ETH price?

Approximately 20.8 million ETH have been withdrawn from centralized exchanges over the past two months, a trend reminiscent of the 2021 bull market. Binance has been central to this movement, accounting for over 7.8 million ETH, or 33-39% of the total outflows.

CryptoQuant analyst Crazzyblockk suggests these withdrawals may signal long-term accumulation or staking, reflecting investor confidence.

These significant outflows from Binance indicate the platform’s continued influence on the cryptocurrency market, especially in balancing supply and demand for Ethereum.

With Binance’s influence, backed by its 250 million global users and $21.6 billion in deposits, these outflows could reduce ETH’s supply on exchanges, potentially creating upward price pressure if demand remains strong.

Ethereum market performance

Ethereum has struggled to match Bitcoin’s bullish momentum, failing to breach the $4,000 resistance despite the broader crypto market rally.

While Bitcoin has posted new all-time highs almost monthly, Ethereum’s gains remain modest. Ethereum has seen a 2.3% weekly increase compared to Bitcoin’s 5%.

ethereum binance

Source: TradingView

Even positive news, such as Deutsche Bank’s rumored Ethereum-based layer-2 blockchain leveraging ZKsync technology, has failed to inject upward momentum. Technical analysis suggests bearish signals, hinting at a potential price correction to $3,400.

Ethereum’s current lack of breakout potential highlights its challenges in maintaining investor confidence, despite recent outflows pointing to long-term accumulation trends.


Read Ethereum’s [ETH] Price Prediction 2024-25

See also  ChatGPT thinks Ethereum to $10,000 by 2024 is very likely

Next: Chainlink: Will $17M whale activity help LINK test $25 resistance?

READ ALSO

Ethereum Looks Ready To Break Out Of 4-Year Consolidation, Analyst Says Price Will ‘Go Insane’

Binance loses 300K ETH – Here’s what it means for bulls eyeing $2.7K

Avatar

contributor

Posted: December 19, 2024

  • Ethereum struggled below $4,000, with Binance outflows suggesting potential long-term accumulation.
  • Negative social sentiment mirrored December 2023 trends, potentially signaling a bullish recovery for ETH.

 How large withdrawals could impact ETH price?

Approximately 20.8 million ETH have been withdrawn from centralized exchanges over the past two months, a trend reminiscent of the 2021 bull market. Binance has been central to this movement, accounting for over 7.8 million ETH, or 33-39% of the total outflows.

CryptoQuant analyst Crazzyblockk suggests these withdrawals may signal long-term accumulation or staking, reflecting investor confidence.

These significant outflows from Binance indicate the platform’s continued influence on the cryptocurrency market, especially in balancing supply and demand for Ethereum.

With Binance’s influence, backed by its 250 million global users and $21.6 billion in deposits, these outflows could reduce ETH’s supply on exchanges, potentially creating upward price pressure if demand remains strong.

Ethereum market performance

Ethereum has struggled to match Bitcoin’s bullish momentum, failing to breach the $4,000 resistance despite the broader crypto market rally.

While Bitcoin has posted new all-time highs almost monthly, Ethereum’s gains remain modest. Ethereum has seen a 2.3% weekly increase compared to Bitcoin’s 5%.

ethereum binance

Source: TradingView

Even positive news, such as Deutsche Bank’s rumored Ethereum-based layer-2 blockchain leveraging ZKsync technology, has failed to inject upward momentum. Technical analysis suggests bearish signals, hinting at a potential price correction to $3,400.

See also  Will SEC be sued if Ethereum ETFs are rejected? Analysts weigh in

Ethereum’s current lack of breakout potential highlights its challenges in maintaining investor confidence, despite recent outflows pointing to long-term accumulation trends.


Read Ethereum’s [ETH] Price Prediction 2024-25


Next: Chainlink: Will $17M whale activity help LINK test $25 resistance?
Tags: 20.8MBinanceEthereumsOutflowsPrice

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