"Hmmm ETH is going up rapidly this morning, it won't be long before it goes back down."
Through various liquidity pools, whales transferred 15,500 of the second largest cryptocurrency Ethereum (ETH) worth $20 million to the crypto exchange giant Binance on January 11 yesterday.
It is reported that whales have withdrawn all the funds from the liquidity pools Convex, Lido, Curve and Balance.
Through observation, the whales were found to be holding more than 30,000 ETH in September last year, but acted to sell all their holdings when the crypto market faced a sharp fall.
The string, the price of ETH is expected to plunge drastically in the near future when other whales also transfer more than 20,000 digital assets to Binance even though so far the movement is still up.
According to Michael van de Poppe, crypto analysts believe that the crypto market will rebound in the next 1 to 3 months and ETH will first sink below the $1,300 price zone, but the results of the US CPI data published later tonight may show the opposite movement.
For the record, ETH only recorded a jump of 0.5% compared to BTC which gained 2% last Wednesday, where during this period the selling pressure of ETH was still stronger than BTC.
As of this writing, the ETH price is hovering at $1,401 with trading volume down around 12% in the last 24 hours.
