Ethereum Reserves on Binance Drop Over 10% in Less Than a Week
Ethereum has dropped below $4,600, increasing selling pressure and causing concerns among traders. Key points include:
- Ethereum is currently trading around $4,338.
- A decline in Binance's Ethereum reserves by over 10% in a week indicates strong demand.
- Reserves fell from nearly 5 million ETH to just under 4.5 million.
- This shift suggests investors are moving ETH to private wallets or DeFi protocols, indicating bullish accumulation.
- Despite market volatility, fundamentals for Ethereum remain robust.
- Current price action shows ETH is below the 50-day and 100-day moving averages.
- The 200-day moving average at $4,167 serves as a critical support level.
- If selling pressure persists, a drop to $4,200 is possible.
- Reclaiming $4,500 would indicate potential recovery for buyers.
