FTX and Celsius Deposit Large Amounts of Ethereum on Exchanges, ETH Price Drop soon?

The world’s second-largest cryptocurrency Ethereum (ETH) has been showing some good price action with the ETH price shooting all the way to $2,300 earlier this week. At press time, ETH is trading at $2,281 with a market cap of $274 billion.

FTX and Celsius Deposit Large Amounts of ETH to Exchanges

As per the latest data, two bankrupt crypto firms FTX and Celsius Networks have been depositing large amounts of ETH to the crypto exchanges. Both FTX and Celsius Network have initiated substantial Ethereum (ETH) transfers following the resurgence of ETH prices above $2,300.

As per data by SpotonChain, bankrupt crypto lender Celsius Network executed a substantial ETH deposit of 7,500 ETH (equivalent to $17.4 million) to FalconX approximately 8 hours ago. This move comes on the heels of Celsius depositing a staggering 25,000 ETH (equivalent to $57 million) to both FalconX and Coinbase in the past week. The strategic transfers indicate notable activity and investment decisions within Celsius Network.

On the other hand, FTX made a significant move by transferring 1,593 ETH (equivalent to $3.66 million) to the address labeled 0xCeF around 55 minutes ago. Notably, the destination address 0xCeF currently holds 2,244 ETH (equivalent to $5.16 million) and hints at a potential ETH deposit to Coinbase in the near future. FTX’s timely and sizable transactions add to the dynamic landscape of crypto exchanges responding to market movements.

These substantial ETH transfers from Celsius Network and FTX underscore the evolving strategies and positions of major crypto entities amid the cryptocurrency market’s continuous fluctuations. Investors and enthusiasts are keenly observing these movements for potential insights into market trends and upcoming developments.

Ethereum Price Action Ahead

The Ethereum (EHT) price has been able to sustain above $2,300 and has been facing rejection at those levels. On the downside, the crucial demand zone for ETH is from $1,934 to $2,160. Within this demand zone, 5.58 million addresses have been holding a total of nearly 40 million $ETH.

If there is a decline below the $2050 level, where the 50-Day Exponential Moving Average (EMA) is positioned, it would signal a negative development, prompting a reassessment of the overall situation. However, the likelihood of such a scenario occurring in the near term appears low. Therefore, the current perspective suggests adopting a strategy of buying on market downturns.

The $2100 level is anticipated to act as a significant support zone. In the event that prices approach this level, there is an expectation that a considerable number of buyers will seize the opportunity to acquire “discounted Ethereum,” contributing to a substantial upward movement in the market. Baking giant JPMorgan believes that Ethereum could outperform Bitcoin in the coming year 2024.

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