As traders anticipate a massive spike in Ethereum price, a whale has withdrawn $15,500 worth of Ethereum (ETH) from multiple liquidity pools. Nearly $20 million worth of ETH withdrawn from the pools was later transferred to crypto exchange Binance.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 The whale has withdrawn 15,500 ETH worth almost $20 million Convex, Lido, Curve, And Balancer Liquidity Pools.
Ethereum Withdrawal by Wal. 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.
Another on-chain analysis revealed that the whale owned 30,000 ETH as of September last year. Now the whale has Ethereum worth just $19.58. Hence, the whale sold all of its holdings during the crypto winter.
In the last 10 days, the whale has transferred over 20,000 ETH to Binance. Cryptocurrency Twitter thinks that Ethereum price drop is likely. Despite a slight recovery in the crypto market, a lack of whale activity has been noted.
ETH Price Drop Coming?
In the last 24 hours, Ethereum price has been under pressure compared to Bitcoin price. While BTC price surged nearly 2% on Wednesday, ETH price saw just a 0.5% gain.
ETH price is currently 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 has predicted a drop in ETH price below $1.3k in the coming days. Traders await Friday’s CPI data as prices hit resistance areas. However, he believes markets are likely to continue trending higher over the next one to three months.
Ethereum price on 1 hour time frame. Source: Michael van de Poppe
also read: Further ETH recovery ahead of Shanghai upgrade?
Varinder has over 10 years of experience in the fintech sector, including over 5 years in blockchain, crypto and web3 developments. A technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5,000 news, articles and articles. With CoinGape Media, Varinder believes in the enormous potential of these innovative future technologies. He is currently reporting on the latest updates and developments in the crypto industry.
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