ETH Selloff Alert Confuses Crypto Traders After Initial Buy Signals Emerged
Main Idea
Ethereum whales deposited over $71 million worth of ETH into Binance and OKX, signaling a potential selloff, but ETH's price remained stable despite these warning signs.
Key Points
1. Ethereum whales made massive deposits totaling over $71 million to Binance and OKX, suggesting a potential selloff.
2. Despite the selloff signals, ETH's price remained stable, trading between $3,721 and $3,545 without significant volatility.
3. Whale deposits to exchanges are often seen as indicators of potential selling pressure, as they may move assets to exchanges to sell.
4. The market did not react strongly to the whale deposits, indicating possible resilience or other counterbalancing factors in ETH's price action.
Description
Ethereum whales make massive CEX deposits, suggesting a potential selloff. Whales typically send digital assets to CEXs when they want to sell. ETH’s price remained stable despite whales’ selloff signals. On-chain analysis firm Lookonchain has spotted a potential selloff signal for Ethereum, flagging two massive ETH deposits made by whales to the Binance and OKX crypto exchanges for a combined total of over $71 million. https://twitter.com/lookonchain/status/1953007536988180975 Why Do Whale Depo...
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