Ethereum Price Jumps 2.25% as Whale Moves Massive ETH to Exchanges
Ethereum's price has seen a notable increase of 2.25% in recent days, reaching $2,471.16 on strong gains from August. The digital asset continues to hold above key technical support at $2,247.57, indicating bullish momentum. However, resistance sits near the $2,783.71 level.
A large Ethereum holder moved over 102,000 ETH, sending some of it to exchanges and potentially influencing selling pressure in the market. The derivatives market is also showing high activity, with open interest surpassing $30 billion and trading volume exceeding $90 billion.
Notably, combined leveraged positions on Binance and Bybit for Ethereum plummeted 90.9% between August 22 and August 30, falling from $1.12 billion to $102 million. Despite this sharp decline in derivatives activity, Ethereum's price remained stable near $2,500.