Meanwhile, Ethereum (ETH) Recorded Its Highest Self-Custody To Exchange Transfer In Five Years

A screenshot of on-chain data from the Bitcoin network was tweeted by a crypto expert going by the handle Ali. The tweet claims that since March 22, 2023, there have been fewer Bitcoin (BTC) whale transactions totaling $1 million or more in value.

The trader also mentioned the potential effects this trend may have on BTC. The decreased trading activity among large holdings is one such implication. Ali, on the other hand, believes that this pattern could potentially be a precursor of a change in market attitude.

According to CoinMarketCap, the market leader's price is $28,113 as of this writing. After the cryptocurrency posted a 24-hour loss of 1.62%, this happened. Thankfully, BTC's weekly price performance is still positive (+2.05%).

Over the past 24 hours, BTC's price has been unable to breach the crucial $29K level and has only been able to climb as high as $28,711.42. The cryptocurrency's current daily low is $27,680.79. The daily trading volume of BTC has decreased by 11.45% during the past 24 hours as well. BTC now has a daily trading volume of $16,056,172,038.

BTCSource: TradingView

BTC tried to break through the $30K barrier on Sunday, but a wave of sell volume prevented it, and the day's trading session ended at $29,233.21. BTC's price fell by around 4% yesterday as a result of this rejection from the $30K level, breaking below the support level of $28,600.

ETH beats Bitcoin in transaction volumes

Meanwhile, Santiment noted on Twitter that $505 million worth of Ethereum (ETH) was transferred to Binance on May 1. This translates to the largest self-custody to exchange transfer in the previous five years.

The ETH network had its highest daily exchange supply rise since the day before the merge as a result of this significant transaction. The price of the altcoin leader was also slightly impacted negatively by the transfer.

At the time of publication, CoinMarketCap indicated that the price of ETH had dropped by 1.15% in the previous day. Additionally, this 24-hour loss has caused ETH's weekly price performance to turn negative, falling to -0.25%. As a result, ETH is currently trading at $1,834.32, below the crucial $1,900 level.

On Saturday, the daily RSI line attempted to move bullishly above the daily RSI SMA line but was stopped in its tracks. The 9-day EMA crossed bearishly below the 20-day EMA as a result of this failure to cross above the daily RSI SMA line, which also served as an early confirmation of the present short-term bearish trend.

Due to recent market movement, ETH's price has fallen to a crucial support level of $1,800, which might be broken in the upcoming 24-48 hours. If the price of ETH breaks through this barrier, it will fall below $1,760 or maybe $1,700 throughout the course of this week.

The price of ETH will instead consolidate between this support and the 9-day EMA line for the next few days if it manages to close both today and tomorrow above the previously identified $1,800 support. After that, ETH will aim to test the nearest resistance level, which is located around $1,925.84.

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