As traders expect a massive surge in Ethereum price, a whale has taken 15,500 Ethereum (ETH) worth $20 million from multiple liquidity pools. The nearly $20 million worth of ETH taken from pools was later transferred to the crypto exchange Binance. Is the whale preparing to dump all Ethereum tokens as ETH price hits $1,350?
Whale withdraws over 15,000 Ethereum from liquidity pools
On-chain analytics platform Lookonchain in one tweet on January 11 reported multiple withdrawals of Ethereum from liquidity pools. The whale has extracted 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. The Etherscan data also confirms a transaction of 15,499.99 ETH to Binance at 07:00 UTC.
Further on-chain analysis revealed that the whale was holding 30,000 ETH in September last year. Now the whale has Ethereum worth just $19.58. For example, the whale sold all its assets during the crypto winter.
In the past 10 days, the whale has transferred over 20,000 ETH to Binance. Crypto Twitter believes that a dump in the Ethereum price is likely to be expected. A lack of whale activity has been noticed despite a slight rally in the crypto market.
ETH Price Drop Coming?
In the past 24 hours, Ethereum price has been under pressure compared to Bitcoin price. While BTC price was up almost 2% on Wednesday, ETH price only jumped 0.5%.
The ETH price is currently trading at USD 1,335. The 24-hour low and high are at $1,324 and $1,342 respectively. In addition, trading volume is down 12% in the last 24 hours, indicating a decline in interest.
Crypto analyst Michael van de Poppe predicts a drop in ETH price below $1.3K in the coming days. Traders await CPI data on Friday as prices move into areas of resistance. However, he believes markets are likely to continue rising for the next 1-3 months.
Ethereum price in 1 hour timeframe. 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 about Blockchain, Cryptocurrencies, Artificial Intelligence and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for quite some time and is currently covering all 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 publication is not responsible for your personal financial loss.
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