Traders are expecting the price of Ethereum to go up a lot, but a “whale” has taken out 15,500 Ethereum (ETH) worth $20 million from several liquidity pools. The almost $20 million worth of ETH that was taken out of pools was later sent to the cryptocurrency exchange Binance. When the price of Ethereum tokens hits $1,350, does the whale plan to sell all of them?
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Whale Takes Out More than $15,000 from Liquidity Pools
In a tweet from January 11, the on-chain analytics platform Lookonchain said that several people had taken Ethereum out of liquidity pools. The whale has taken out 15,500 ETH worth almost $20 million from liquidity pools on Convex, Lido, Curve, and Balancer.
The whale then sent 15,500 ETH to the cryptocurrency exchange Binance. The data from Etherscan also shows that 15,499.99 ETH were sent to Binance at 7 AM UTC.
The whale had 30,000 ETH in September of last year, according to more on-chain analysis. Now, the whale only has $19.58 worth of Ethereum. So, the whale got rid of everything it owned during the crypto winter.
The whale has sent more than 20,000 ETH to Binance in the last 10 days. Crypto Twitter thinks that the price of Ethereum is likely to drop. Even though the crypto market has gone up a bit, there hasn’t been much activity from whales.
Will the price of ETH drop?
In the last 24 hours, the Bitcoin price has been putting pressure on the Ethereum price. On Wednesday, the price of BTC went up by almost 2%, but the price of ETH only went up by 0.5%.
The current price of ETH is $1,335. The 24-hour low is $1,324 and the 24-hour high is $1,342. Also, the number of trades has dropped by 12% in the last 24 hours, which shows less interest.
Michael van de Poppe
Michael van de Poppe, a crypto analyst, thinks that the price of ETH will drop below $1.3K in the next few days. Traders are waiting for Friday’s CPI data because prices are getting close to areas of resistance. But he thinks that the markets are likely to keep going up for the next one to three months.
Source: Google Trend