As traders anticipate a massive surge in Ethereum price, a whale has withdrawn $15,500 worth of Ethereum (ETH) from multiple liquidity pools. The nearly $20 million worth of ETH withdrawn from the pools was later transferred to crypto exchange Binance. Is the whale preparing to dump all Ethereum tokens when ETH price hits $1,350?
Whale withdraws over 15,000 Ethereum from liquidity pools
On-chain analytics platform Lookonchain reported multiple withdrawals of Ethereum from liquidity pools in a Jan. 11 tweet. The whale withdrew 15,500 ETH worth nearly $20 million Convex, Lido, Curve, and Balancer Liquidity Pools.
Ethereum Withdrawal by Whale. Source: DeBank
After that, the whale transferred 15,500 ETH to crypto exchange Binance. Etherscan data also confirms a 15,499.99 ETH transaction to Binance at 7am UTC.
Further on-chain analysis revealed that the whale held 30,000 ETH in September last year. Now the whale has Ethereum worth just $19.58. Thus, during the crypto winter, the whale sold all of its holdings.
In the last 10 days, the whale has transferred over 20,000 ETH to Binance. Crypto Twitter believes Ethereum price dump is likely to be expected. Despite a slight crypto market rally, a lack of whale activity has been noted.
ETH price dumping coming?
For the past 24 hours, Ethereum price has been trading under pressure compared to Bitcoin price. While BTC price is up nearly 2% on Wednesday, ETH price has only seen a 0.5% jump.
ETH price is currently trading at $1,335. The 24-hour low and high are $1,324 and $1,342, respectively. Additionally, trading volume is down 12% over the past 24 hours, indicating a drop in interest.
Crypto analyst Michael van de Poppe is predicting a drop in ETH price below $1.3K in the coming days. Traders await Friday’s CPI data as prices move into resistance areas. However, he believes the markets are likely to continue trending higher in the coming 1-3 months.
Ethereum price in a 1 hour time frame. Source: Michael van de Poppe
also read: More ETH recovery ahead of Shanghai upgrade?
Varinder is a technical writer and editor, technology enthusiast, and analytical thinker. Fascinated by disruptive technologies, he has shared his knowledge of blockchain, cryptocurrencies, artificial intelligence and the Internet of Things. He has long been associated with the blockchain and cryptocurrency industry and is currently reporting on the latest updates and developments in the crypto industry.
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication assumes no responsibility for your personal financial loss.
Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers
Comments are closed.