Ethereum Drops Below $2,400: Will ETH Dip More?

Ethereum, the second-largest crypto, is under bearish pressure, having fallen 3% in the last 24 hours, with a current value of $2,337.

Despite the recent downturn, Ethereum has reached a significant milestone by surpassing Bitcoin (BTC) in terms of long-term holders.

While the increase in Ethereum’s long-term holders represents investor confidence and commitment, it has also sparked discussions about potential challenges.

Concerns are raised about reduced liquidity and potential barriers to short-term price performance. This phenomenon, while beneficial during the accumulation phase, may slow down immediate price movements.

Recent blockchain analytics from PeckShieldAlert have shed light on notable Ethereum transactions. The Celsius-linked address has transferred around 13,000 ETH ($30.87 million) to Coinbase and 2,200 ETH ($5.12 million) to FalconX, indicating significant market activity in the last 24 hours.

Celsius, like FTX, has been actively involved in large crypto asset transfers. On January 20, FTX orchestrated the transfer of 207 WBTC ($8.6 million) and 1150 ETH ($2.85 million) to Wintermute.

Simultaneously, FTX initiated a transfer of 135 WBTC worth $5.6 million to Binance. These large-scale transactions point to significant sell-off activity by both Celsius and FTX.