2022 has been a rollercoaster year, but the start of 2023 looks pretty positive as the cryptocurrency market appears to be recovering. Bitcoin, the star cryptocurrency that struggled to break above $15,000, has now managed to reach the $17.5 level. This created a bull market.
However, one ETH whale withdrew 15,500 Ethereum (ETH) as the Ethereum bulls are slowly making their move. This makes him worth nearly $20 million. This withdrawal was made from various liquidity pools and this $20 million of her was moved to the Binance exchange. This was confirmed by on-chain analytics firm Lookonchain via a Twitter post claiming that whales withdrew the above amounts from Convex, Lido, Curve, and Balancer liquidity pools.
Ethereum Witness Declines in Trading Volume
The company also states that in September 2022 Whale had 30,000 ETH, but now after the withdrawal, Whale is worth just $19.58. In addition, whales transferred around 20,000 ETH to Binance in the last 10 days. Therefore, the cryptocurrency industry believes that the price of Ethereum is about to plummet.
On the other hand, Ethereum price trading has been observed to be less productive than Bitcoin price trading. Over the past 24 hours, Bitcoin has risen by $0.85 while Ethereum has only risen by 0.02%. Ethereum’s trading volume has also plummeted by 12% in the last 24 hours, suggesting that ETH is losing interest.
At the time of publication, the price of Ethereum is selling at $1,331 after jumping 0.02% over the past day. The lead altcoin should hold above $1,300 to see the next $1,400 and then $1,500 rally.