Traders sent 8170 ETH to exchanges before the drop in Ethereum
Before the drop in the value of ether (ETH), the flow of this cryptocurrency to exchanges sharply increased. The CryptoQuant report says that since November 2, investors have sent 8,170 ETH to trading floors.
One of these players turned out to be a whale that transferred 4,000 coins to Binance. The largest altcoin began to fall in price almost immediately after the activation of traders.
At the beginning of this week, the ether was able to jump above $ 400, but the cryptocurrency could not hold this position. On Wednesday, November 4th, ETH dropped to $ 382. If you look at the graph of the movement of the digital currency, you will notice that the day before the ether dropped in price to $ 373. At this level, support resumed, allowing the coin to bounce slightly.
Analysts have repeatedly stressed that investors are not interested in a significant pullback in ether. The key support zone is in the $ 365 area; below this level, a fall is unlikely. Researchers from the CoinMetrics team tweeted that 4,000 ETH arrived on Binance literally 20 minutes before the critical drop in Ether. The authors of the report believe that November will be a difficult month for altcoin. Most likely, the negative trend will continue to dominate, and the cryptocurrency will not be able to gain a foothold at values above $ 400.