Here’s why Ethereum could rally despite partial profit-taking

AMB Crypto 7 hours ago 176

Key Takeaways What's influencing <a href='https://market.bitrss.com/coin/ethereum' rel='noopener' target='_blank' class='crypto-highlight' title='ETH Market Overview'>ETH ($3,633.24)</a>'s current downturn? Partial profit-taking and Binance's selling pressure caused Ethereum's 4% decline on the day. Will the price of ETH reverse? Upon taking liquidity between $3,600 and $3,800, the price of Ethereum could target the clusters above $4,000, extending to $4,800. Ethereum [ETH] declined by about 4% in the past 24 hours as some whales partially took profits. However, the altcoin was still trading around a key zone that could lead to a bounce back into bullish action. These partial profits led to declining prices. Whale take partial profits Per OnChain Lens data, a whale pocketed about $14.76 million in gains after selling 3,000 ETH on Binance. The whale had earlier bought 8,009 ETH for $18.25 million about two and a half months ago. This trader, referred to as “ETH Millionaire,” still held about 2,002 tokens, indicating confidence in further price appreciation. Source: OnChain Lens Moreover, Binance was moving ETH and Bitcoin [<a href='https://market.bitrss.com/coin/bitcoin' rel='noopener' target='_blank' class='crypto-highlight' title='BTC Market Overview'>BTC ($106,869.00)</a>] from its hot wallet. On average, between $1.50 million and $1.80 million worth of ETH was moved to Wintermute. The biggest ETH position moved by Binance was worth $6.11 million, transferred to Bitget's deposit address. However, the analysis of liquidity and the behavior of investors indicated that the selling pressure may change. Impact of liquidity clusters on Ethereum On the charts, most of ETH liquidity was stacked to the...

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