Even though 2022 was a roller coaster ride, the start of 2023 was quite positive as the crypto market seems to be recovering. Star cryptocurrency Bitcoin, which struggled to even move above $15,000, has now successfully reached $17.5. This has led to a bullish market.
However, as Ethereum bulls make a gradual move, one of the ETH whales has pulled out 15,500 Ethereum (ETH), which is worth nearly $20 million. This withdrawal was made from different liquidity pools and this $20 million was then transferred to the Binance exchange. This was confirmed by Lookonchain, an on-chain analytics firm, via a Twitter post, in which the company claimed the whale had withdrawn the said amount from the Convex, Lido, Curve and Balancer liquidity pools.
Ethereum witnessed a declining trading volume
The firm also stated that the whale had 30,000 ETH in September 2022 and is now only worth $19.58 after deduction. In addition, the whale sent almost 20,000 ETH to Binance in the last 10 days. Hence, the crypto space believes Ethereum price is about to collapse.
Meanwhile, it has been observed that Ethereum’s price trading is not as productive compared to Bitcoin’s. In the last 24 hours, Bitcoin has gained $0.85 while Ethereum is up just 0.02%. Ethereum’s trading volume has also plummeted 12% over the past 24 hours, suggesting that ETH is losing interest.
At the time of publication, Ethereum price sits at $1,331 after rising 0.02% in the last day. The leading altcoin should hold its trade above $1,300 to see its next surge from $1,400 and then $1,500.
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