While traders anticipate a massive rally in the Ethereum price, a whale has withdrawn 15,500 Ethereum (ETH) worth $20 million from multiple liquidity pools. The ETH worth almost $20 million withdrawn from pools was later transferred to the crypto exchange Binance. Is the whale preparing to dump all Ethereum tokens as the ETH price reaches $1,350?
Whale Withdraws Over 15K Ethereum from Liquidity Pools
On-chain analytics platform Lookonchain in a tweet on January 11 reported multiple withdrawals of Ethereum from liquidity pools. The whale has withdrawn 15,500 ETH worth nearly $20 million from Convex, Lido, Curve, and Balancer liquidity pools.
Thereafter, 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 7 AM UTC.
Further on-chain analysis revealed that the whale held 30,000 ETH in September last year. Now, the whale has Ethereum worth only $19.58. Thus, the whale sold all its holdings during the crypto winter.
In the last 10 days, the whale has transferred over 20,000 ETH to Binance. Crypto Twitter believes a dump in the Ethereum price is likely expected. A lack of whale activity has been noticed despite a slight crypto market rally.
ETH Price Dump Coming?
In the last 24 hours, the Ethereum price is trading under pressure as compared to the Bitcoin price. While BTC price jumped nearly 2% on Wednesday, ETH price has recorded just 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. Furthermore, the trading volume has declined by 12% in the last 24 hours, indicating a decrease in interest.
Crypto analyst Michael van de Poppe predicts a decline in the ETH price below $1.3K in the coming days. Traders are awaiting the CPI data on Friday as prices are getting into resistance areas. However, he believes the markets are probably going to continue trending upward in the coming 1-3 months.
Also Read: More ETH Recovery Ahead Of Shanghai Upgrade?
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.