Cryptocurrency Market Faces Contraction As Bitcoin And Ethereum Decline – NullTX


Cryptocurrency News
The cryptocurrency market witnessed a notable downturn as Bitcoin slipped below the $40,000 mark, accompanied by Ethereum’s decline to a low of $2,303.
Reports reveal significant movements of Ethereum by Celsius and FTX.
Celsius Network initiated the transfer of 15,200 ETH ($36.04 million) to Coinbase and FalconX. Despite this movement, Celsius still maintains 557,081 ETH ($1.3 billion) across two staking wallets. Meanwhile, Alameda Research (FTX) withdrew 1,000 ETH ($2.31 million) to Wintermute Trading.
Both #Celsius and #FTX moved out $ETH in the past 10 hours!
1. #Celsius Network deposited 15,200 $ETH ($36.04M) to #Coinbase and #FalconX in the past 10 hours.
Currently, Celsius still has 557,081 $ETH ($1.3B) in 2 staking wallets.
2. #Alameda Research (FTX) moved out 1,000…
— Spot On Chain (@spotonchain) January 23, 2024

The market responded to Celsius’ Ethereum transfer with increased selling pressure, resulting in a 4% drop in ETH price to below $2,350. The breach of critical demand zones at $2,388 and $2,460 raises concerns about Ethereum’s current position.
Analyst Ali suggests that if Ethereum can maintain support at the current level, an upward trajectory with minimal resistance is plausible. However, failure to sustain this level might lead to a pullback, with the next significant support anticipated around $2,000.
#Ethereum Market Update: $ETH is currently in a key demand zone, ranging between $2,388 and $2,460. If this support holds strong, there's a clear path ahead with minimal resistance, offering a potential for upward movement.
⚠️ However, if #ETH fails to maintain this level, we…
— Ali (@ali_charts) January 21, 2024

In the preceding 24 hours, Ethereum experienced a 5.67% decline, leading to the liquidation of positions for 77,322 traders, totaling $253 million. 
These liquidations encompassed both long and short orders, with the largest single liquidation occurring on Bybit – BTCUSDH24, amounting to $5 million.
The market dynamics continue to evolve, and investors closely monitor these developments amid fluctuations, seeking insights into potential future movements.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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Will is a News/Content Writer and SEO Expert with years of active experience. He has a good history of writing credible articles and trending topics ranging from News Articles to Constructive Writings all around the Cryptocurrency and Blockchain Industry.
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