Ethereum Price Eyes $2.9K Despite Aztec’s 15K ETH Transfer

The Ethereum price is showing notable resilience as the tokens continue to trend upward, despite a significant on-chain movement by Aztec Network. The project recently transferred nearly $37 million in Ethereum to Coinbase. Although the move has sparked concerns about a possible sell-off, the ETH price remains in the positive sphere.

Large transfers of cryptocurrencies to exchanges often indicate that there could soon be a liquidation. This can put cryptocurrencies under pressure. But here, Aztec’s move hasn’t pushed the Ether prices down, and the token managed to hold its uptrend. Instead of triggering a sharp pullback, the market appears to be absorbing the potential selling pressure with ease.

Ethereum Price Shows Strength Amid Sell-Off Signals

Currently, the Ethereum priceETH3.83% is showing strong momentum, with the price surging by about 4% in a day. As of press time, the token is valued at $2,416, marking notable surges of 7.5% and 8.8% over the past week and month, respectively. This uptrend comes following a period of consolidation where the Ethereum price got stuck around $2k. 

This positive trend is also seen in the traders’ sentiment. As the 24-hour trading volume has soared by about 30%, reaching $26.23 billion, it indicates that the community is increasingly accumulating Ether. They remain confident about the altcoin’s future despite signals of a massive liquidation.

It is worth noting that the current bullish trend in the Ethereum price comes amid Aztec Network’s transfer of 15k ETH, worth $37 million, to Coinbase. Typically, when large amounts of ETH are moved to crypto exchanges, it creates fear among traders that selling pressure could increase. This often leads to short-term dips, as investors react quickly to such moves.

However, the current market reaction has been quite different. Instead of falling, ETH has managed to hold steady and even continue its upward trend. This suggests that buying demand is strong enough to overpower any potential selling. Thus, it helps to keep the price stable despite the warning signs.

Aztec Network Moves Entire ETH Auction Funds to Coinbase

Interestingly, Aztec Network has moved all the Ethereum it raised from last year’s token auction to Coinbase, as revealed by Lookonchain. The final transfer includes 5,020 ETH, worth roughly $12.3 million. As per on-chain data, this transaction was completed recently, marking the end of a series of transfers. Over the past few months, the platform has been moving the funds in parts to the exchange.

Back in December, Aztec sold 15% of its AZTEC tokens and raised nearly 19,388 ETH, worth about $59 million at the time. Later in February, the platform used a portion of these funds, about 4,234 ETH, to create liquidity during its Token Generation Event. The rest of the assets, totalling over 15,000, have now been fully transferred.

Ethereum Price Eyes Way to $2.9K

Instead of creating panic amid the sell-off signals, analysts and experts remain bullish about the future of the Ether token. This is mainly because of the fact that ETH has broken past major levels; it surged past key resistance level around $2,385.

In a recent X post, analyst Ali Martinez stated that $2,385 has been acting as a major barrier for some time. But the recent breakout suggests that buying momentum is picking up.

With this move, the earlier signs of weakness in the Ethereum price have faded. Now the breakout level is acting as a significant support zone. This shift is important because it shows that the trend is turning positive, with buyers gaining control over the market.

Further, the analyst added that the Ethereum price’s potential target could be $2,900 if it continues to stay above the current level. For now, the market looks strong, and a bull run is likely.