Ethereum price’s meteoric rise was abruptly interrupted Saturday as a sizable amount of the digital asset was transferred to Binance exchange.
The transfer, which occurred at 1:30 AM ET, sent shockwaves through the market and raised concerns of a potential sell-off, causing ETH to lose a significant portion of its market value. Despite its earlier gains, the largest altcoin by market cap is now facing uncertainty as investors nervously await further developments.
Ethereum Price Rattled By Sudden Whale Move
Following a prolonged period of consolidation, ETH broke out on March 10, and the altcoin has been off to an impressive start ever since, leading to a sharp increase in its value.
In a bullish move, the top altcoin surged past the $1,800 mark, securing a significant price gain. However, the positive sentiment was short-lived as market data reveals that approximately 18,657 ETH (around $33,130,425 at current rates) was recently transferred to the Binance exchange, causing concern among investors.
The transaction has cast doubts on the possibility of a potential sell-off, leaving the largest…