The crypto market experienced a relief rally as Bitcoin rose above $95,000, leading to gains in major altcoins like Ethereum. However, onchain data indicates that major firms are transferring significant amounts of Ethereum to exchanges, suggesting a potential sell-off and prolonging a correction. One renowned trading firm, Cumberland, deposited 16,201 ETH ($55 million) to Coinbase on December 24, while Nexo has deposited a total of 101,756 ETH ($380 million) into Binance since December 2. This movement of assets to exchanges indicates that major institutions may be preparing to sell or trade, possibly contributing to a bearish market sentiment. The ETH price is currently at $3,492 with a gain of 2.18%, and if it sustains below $3,500, it could drop 16.8% to find support at $2,900. However, a bounce back above $3,500 would invalidate the bearish thesis and attempt a breakout above $4,000.



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