Fidelity's $213 Million Ethereum Transfer Raises Market Concerns
by aria-crypto.com
January 10, 2025 at 14:44
Fidelity's $213 Million Ethereum Transfer Raises Market Concerns
Ethereum, widely recognized as a leading altcoin, has come under notable selling pressure following a massive transfer by Fidelity. The financial heavyweight moved over $200 million worth of Ethereum to Coinbase, causing a marked influx of the cryptocurrency into the exchange. This action led to the highest single-day coin exchange inflow since December, with a staggering 550,930 ETH entering exchange wallets. Such significant shifts in exchange wallet balances usually hint at increasing sell-side pressure, which could potentially lower Ethereum's price if the market cannot absorb the added supply. The recent transactions have significantly impacted Ethereum's market indicators, with its Relative Strength Index (RSI) illustrating a decrease in buying momentum, indicating a weakening market position. Despite this, there remains a possibility for recovery if the inflow of Ethereum into exchanges diminishes and market demand strengthens.
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