{"id":1870,"date":"2024-12-19T05:11:06","date_gmt":"2024-12-19T05:11:06","guid":{"rendered":"https:\/\/bitcotasks.com\/blog\/7-8m-ethereum-leaves-binance-in-two-months-what-does-this-mean-for-eth\/"},"modified":"2024-12-19T05:11:06","modified_gmt":"2024-12-19T05:11:06","slug":"7-8m-ethereum-leaves-binance-in-two-months-what-does-this-mean-for-eth","status":"publish","type":"post","link":"https:\/\/bitcotasks.com\/blog\/7-8m-ethereum-leaves-binance-in-two-months-what-does-this-mean-for-eth\/","title":{"rendered":"7.8M Ethereum Leaves Binance In Two Months\u2014What Does This Mean for ETH?"},"content":{"rendered":"

The Ethereum market has recently seen a notable shift, with significant outflows from centralized exchanges sparking discussions about the near term trajectory of the cryptocurrency.<\/p>\n

Amid this, Ethereum has recorded a 2.4% decrease in the past 24 hours with a current trading price of $3,858, marking a 21.1% decrease away from its all-time high of $4,878 seen in 2021.<\/p>\n

Ethereum Withdrawals from Binance Surpass 7.8 Million ETH<\/h2>\n

Data<\/a> from CryptoQuant reveals that approximately 20.8 million ETH have been withdrawn from centralized exchanges in the past two months, a trend reminiscent of the 2021 bull market. Binance has played a central role in this movement, accounting for over 7.8 million ETH, which represents 33-39% of the total outflows.<\/p>\n

These outflows could be indicative of investors accumulating ETH for long-term holding or staking purposes, as suggested by CryptoQuant analyst Crazzyblockk. The analyst added:<\/p>\n

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These significant outflows from Binance indicate the platform’s continued influence on the cryptocurrency market, especially in balancing supply and demand for Ethereum.<\/p>\n<\/blockquote>\n

Notably, Binance’s influence is particularly evident given its global user base of 250 million and a record $21.6 billion in deposits this year, according to Crazzyblockk.<\/p>\n

The substantial outflows from Binance align with bullish market sentiment, as large-scale withdrawals often signal investor confidence. These movements suggest that Ethereum holders are moving their assets off exchanges.<\/p>\n

This reduction in the available supply of ETH on exchanges can create upward pressure on prices, should demand remains consistent or grows.<\/p>\n

Etheruem Market Performance And Outlook<\/h2>\n

Ethereum has so far been struggling to make significant price move to the upside ever since the latest crypto market bull run began months ago.<\/p>\n

\"Ethereum<\/p>\n

Despite Bitcoin seeing consistent gains recording new all-time highs nearly every month, Ethereum has lacked enough upward momentum to push its price past the $4,000 barrier.<\/p>\n

It is worth noting that this sluggish performance from Ethereum comes amid the positive developments ongoing in the crypto space including the recent news of Deutsche Bank, Germany\u2019s largest lender reportedly<\/a> working on its own layer-2 (L2) blockchain on Ethereum using ZKsync technology.<\/p>\n

\n

JUST IN: Deutsche Bank building its own Layer-2 on Ethereum – Bloomberg pic.twitter.com\/5O5K3R1fRg<\/a><\/p>\n

\u2014 Radar\"\ud83d\udea8\" (@RadarHits) December 18, 2024<\/a><\/p>\n<\/blockquote>\n

Regardless of such news, ETH has seen a slight increase of 2.3% in the past week, , a lower performance compared to that of Bitcoin’s 5% \u00a0increase over the same period.<\/p>\n

According to analysts, Ethereum could still likely see further correction in its price as bearish signals recently formed on its chart suggesting a potential drop to 3,400.<\/p>\n

\n

$ETH<\/a> has formed a bearish double top, with RSI showing bearish divergence and a MACD crossover confirming the trend.<\/p>\n

A short-term correction could bring it to $3,400, with major support at $3,200 and $3,000. #Ethereum<\/a> #CryptoTrading<\/a> #eth<\/a> pic.twitter.com\/iWaPh1vwrr<\/a><\/p>\n

\u2014 crypto vulture Trader \"\ud83e\udd85\" (@crypto_vulture1) December 18, 2024<\/a><\/p>\n<\/blockquote>\n

Featured image created with DALL-E, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

The Ethereum market has recently seen a notable shift, with significant outflows from centralized exchanges sparking discussions about the near term trajectory of the cryptocurrency. Amid this, Ethereum has recorded a 2.4% decrease in the past 24 hours with a current trading price of $3,858, marking a 21.1% decrease away from its all-time high of…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[64],"tags":[19,263,138,102,410,105],"class_list":["post-1870","post","type-post","status-publish","format-standard","hentry","category-ethereum","tag-crypto","tag-cryptoquant","tag-eth","tag-ethereum","tag-ethereum-market","tag-ethusdt"],"_links":{"self":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/comments?post=1870"}],"version-history":[{"count":0,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/posts\/1870\/revisions"}],"wp:attachment":[{"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/media?parent=1870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/categories?post=1870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcotasks.com\/blog\/wp-json\/wp\/v2\/tags?post=1870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}