Ah, Binance! The illustrious cryptocurrency exchange has decided to play the role of the dramatic villain, selling off a veritable treasure trove of Ethereum (ETH) in a most theatrical fashion. This little escapade follows the announcement from ByBit’s CEO, who, in a fit of excitement, declared their exchange reserves have soared back to pre-hack levels. With such a riveting plot twist, let us delve into the intricacies of Ethereum price analysis and the key ETH price levels that are simply begging for attention. 🎭
Essential ETH Price Levels to Keep an Eye On
As we find ourselves on this fine Monday, February 24, 2025, the ETH price is languishing around $2,700, showing signs of a potential breakout from its 20-day slumber. If Bitcoin manages to clear the pre-ByBit hack levels of $98K, we might just witness a bull run that would make even the most stoic investor swoon. This could finally liberate Ethereum from its rangebound prison of $2.5K to $2.8K.
Should we see a decisive breakout above this rather dreary range, we could be looking at ETH prices revisiting these rather glamorous levels: $3,006, $3,134, and $3,257, all coinciding with the 2025 VWAP, Q4 2024 rolling VWAP, and Q4 Nov 2024 rolling VWAP, respectively. Quite the mouthful, isn’t it? 🍸
Ethereum’s Direction: A Long-term Mystery
From a long-term perspective, the 1-week chart reveals that $3.1K and $3.3K are the most critical resistance levels keeping ETH from ascending to the heavens. Overcoming these formidable barriers and transforming them into support levels would increase the odds of revisiting the equal highs at $4,093. A round of applause, please! 👏
However, at this juncture, we find ourselves lacking any catalysts robust enough to propel the ETH price to $3K, let alone the lofty heights of $4K. With Bitcoin meandering sideways, investors must exercise the virtue of patience until the market decides to kickstart a trend. Or perhaps a dance? 💃
On the flip side, a breakdown of the $2.7K to $2.6K support zone could trigger a rather alarming 22% correction to $2,000. As previously noted, the Ethereum price prediction outlook remains as uncertain as a cat at a dog show, as long as ETH is stuck in its 20-day consolidation phase.
Binance’s Ethereum (ETH) Selling Spree: A Comedy of Errors
On-chain data reveals that Binance, one of the top crypto exchanges in the world, has been on a selling spree, offloading massive amounts of Ethereum (ETH) tokens. A closer inspection shows that the exchange sold a staggering 12,350 ETH, worth roughly $35 million at the current price of $2,700. Quite the spectacle! 🎪
Jacob King, the astute observer of this selling frenzy, quipped,
“Binance is mass dumping #Ethereum. Never seen anything like this before”
Indeed, Binance is mass dumping #Ethereum. Never seen anything like this before.
Something big is coming very soon. This doesn’t look good.
— Jacob King (@JacobKinge) February 24, 2025
This move from Binance isn’t entirely shocking. MaxPain, a crypto analyst, noted a similar trade occurring just days prior. However, the image below could simply depict traders on Binance selling while ByBit was busy buying. A classic case of “you sell, I buy!”
“Absolute drama. #Bybit bids #Binance knocks it down. Overall spot CVD is also tanking.”
Absolute drama. #Bybit bids #Binance knocks it down
Overall spot CVD is also tanking.— MAXPAIN (@Mangyek0) February
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2025-02-24 17:47