Ethereum Price Dips as Galaxy Digital Moves Millions

Galaxy Digital recently pulled a sizable 3,735 ETH from Binance. This withdrawal, worth about $10.24 million, happened when Ethereum was trading at $2,740 per token. This move boosts Galaxy Digital’s Ethereum holdings on the blockchain to 63,984 ETH, a hefty $175 million.

As a result, Ethereum’s price saw some swings in the last 24 hours, reflecting the broader market. It climbed near $2,790 but then dropped back below $2,750. This upward movement, however, was short-lived as the price subsequently dropped, slipping below the $2,750 mark.

As at press time, Ethereum price is hovering around $2,736.12, down by 0.52% over the past day. The market now exhibits signs of stabilization, though the downward pressure has not entirely dissipated.

Source: Coinmarketcap

Key support and resistance levels are important to understand where the price might go next. Ethereum currently has support at $2,730, a level it’s tested multiple times without breaking. If the price keeps dropping, the next major support is at $2,700, which could provide stronger resistance.

On the upside, Ethereum faces immediate resistance at $2,750. A break above this level could indicate a potential resumption of the earlier bullish trend. Furthermore, the recent high near $2,790 stands as a critical resistance point. Surpassing this level could lead to a continuation of the bullish trend, potentially driving the price higher.

Ethereum/USD 1-week price chart, Source: Trading view

Looking at technical indicators, the 1-week Relative Strength Index (RSI) for Ethereum is currently at 44.58. This suggests Ethereum might be a bit oversold in the short term, but it’s not extremely oversold yet. Also, the 1-week Moving Average Convergence Divergence (MACD) indicator is trading below the signal line. This pattern hints at possible downward momentum for Ethereum in the near future.

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