Binance, a prominent cryptocurrency exchange, has sold significant Ethereum (ETH) volumes in the past few hours. This development came after ByBit’s CEO announced their exchange reserves had skyrocketed to pre-hack levels. With this ongoing drama, let’s explore Ethereum price analysis and key ETH price levels to watch.
Important ETH Price Levels To Watch
As of Monday, February 24, 2025, ETH price hovers around $2,700 and shows signs of breaking out of its 20-day consolidation. If Bitcoin clears the pre-ByBit hack levels of $98K, it could trigger a bull run for the crypto market. This development could see the Ethereum price end its rangebound movement between $2.5K and $2.8K.
A decisive breakout above the aforementioned range could push ETH price to revisit these key levels: $3,006, $3,134, and $3,257, coinciding with the 2025 VWAP, Q4 2024 rolling VWAP, and Q4 Nov 2024 rolling VWAP, respectively.
ETH/USDT 4-hour chart
Ethereum Directional Remains Uncertain in Long-term
From a long-term perspective, the 1-week chart shows $3.1K and $3.3K are the most critical resistance levels preventing ETH price from moving higher. Overcoming these barriers and flipping them into support level will increase the odds of revisiting the equal highs at $4,093.
However, at the moment, there aren’t any catalysts strong enough to push the ETH price to $3K, let alone $4K. Due to Bitcoin’s sideways movement, investors need to exercise patience until the market kickstarts a trend.
On the other hand, a breakdown of $2.7K to $2.6K support zone could trigger a 22% correction to $2,000. As noted above, the Ethereum price prediciton outlook remains uncertain as long as ETH price is stuck in its 20-day consolidation phase.
Binance’s Ethereum (ETH) Selling Spree
On-chain data shows that Binance, one of the top crypto exchanges in the world, was selling massive amounts of Ethereum (ETH) tokens. A closer look at the on-chain data shows that the crypto exchange sold 12,350 ETH worth roughly $35 million at the current price of $2,700.
Jacob King, who spotted this selling spree, added,
“Binance is mass dumping #Ethereum. Never seen anything like this before”
Binance is mass dumping #Ethereum. Never seen anything like this before.
Something big is coming very soon. This doesn’t look good. pic.twitter.com/hqVyxOeWjI
— Jacob King (@JacobKinge) February 24, 2025
This move from Binance isn’t unnatural. MaxPain, a crypto analyst noted a similar trade happening a few days ago. However, the image below could just be traders on Binance selling as ByBit was buying.
“Absolute drama. #Bybit bids #Binance knocks it down. Overall spot CVD is also tanking.”
Absolute drama. #Bybit bids #Binance knocks it down
Overall spot CVD is also tanking. pic.twitter.com/FXRzba7oRP
— MAXPAIN (@Mangyek0) February 22, 2025
Conclusion
The Ethereum (ETH) price remains in a critical phase, with key levels to watch amid Binance’s significant selling activity. In contrast, a breakout above $2.8K could propel ETH toward $3,006, $3,134, and $3,134. However, a breakdown below $2.7K may trigger a 22% crash. The market’s direction hinges on Bitcoin’s performance and broader crypto market trends. Investors should remain cautious and monitor these levels closely as the situation unfolds.
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