Binance’s ETH Staking Wallet Shifts Attention to $3000 Ethereum Level
Ethereum’s price remained in close proximity to $2,977 as traders monitored significant movements in Binance staking wallets, repeated tests of support levels, and mounting pressure for liquidation above the $3,000 mark. All of these factors combined paint a picture of a market eagerly awaiting to see if ETH can maintain crucial levels and confront nearby resistance barriers.
Arkham Data’s transfer records reveal sizable outflows of Ethereum between two wallets labelled as “Binance: Eth2 Staking (0xF17)” and “Binance: Eth2 Staking (0xBdD).” Recent transfers of 80,000 ETH have been documented, along with older movements such as 20,000 ETH and 70,000 ETH from around three months ago. The transactions mentioned in the log are estimated to be worth hundreds of millions of dollars.
While a social media post circulated claiming that Binance had staked $500 million worth of ETH in a week, the screenshot provided only showed wallet-to-wallet transfers within Binance staking addresses. This does not conclusively demonstrate new staking demand from external users or a net influx of new ETH into Binance staking. Moreover, the screenshot contained a promotional line unrelated to the Ethereum staking activity discussed.
At the same time, Ethereum’s price hovered around $2,977 on the ETH USDT 2-hour Binance chart after successfully bouncing back above a key support zone. The chart also highlights a descending trendline limiting price action and various resistance levels above the current trading range.
An examination of a CoinAnk liquidation heatmap shared by a user known as CW revealed a dense cluster of potential liquidation levels above Ethereum’s recent price movements. As ETH transitioned from the low $3,100s to the $2,700s and then settled around $2,900 to $3,000, the heatmap indicated significant pressure around the low $3,000s. This heatmap signifies areas where leveraged positions could be liquidated if price action breaches those levels.
CW hinted at imminent liquidation of high leverage short positions if ETH approaches the highlighted zones on the heatmap. However, this does not guarantee that Ethereum will reach those levels but rather highlights zones of potential pressure based on leverage entry points and stop levels.
Overall, the market sentiment remains cautious as Ethereum navigates key levels, with all eyes on whether it can maintain support, overcome resistance, and avoid triggering a wave of liquidations. These factors, along with the movement of ETH in Binance staking wallets, continue to drive speculation and analysis within the cryptocurrency community.
