Whale Moving 73K ETH to Binance cause Ethereum to fall %4
Following a whale moving 73,224 ETH worth $85.67 million to Binance, Ethereum dropped nearly 4% to $1,170 in a day, according to Lookonchain data. The price of this large crypto asset fluctuating between extreme highs and lows during the last few months, had already made investors less keen on investing in the coin. Now this is considered another warning of selling pressure for the second largest crypto asset.
Based on data by Lookonchain, this address is the same address that had withdrawn 84,131 ETH from the decentralized exchange Curve's staked ether (stETH)-ether liquidity pool last week.
The second largest crypto asset, Ethereu, is being traded weak early Monday with ETH price being $1170.02 at the time of writing. (with slight consolidations)
This is while until a few days ago some specific groups of Ethereum holders appeared to be increasing their Ether holdings despite the apparent drop in its price. Ethereum investors had acquired over 100 ETH over the last few days, according to data from Glassnode.
This accumulation could mean that stakers were protecting the network and Ether holders were looking forward to getting rewards from the network.
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ETH has more to lose?
Ethereum should climb above the $1,200 resistance, otherwise, it will lose the urge to move upwards and will continue to plummet.The $1,073 level is the next major support that will swing Ethereum low to $1,235, below which ether price may again pick a bearish trend.
As a result, during an extended surge, ETH can test both resistance levels and pass them. Additionally, it may keep moving higher and perhaps recapture the $2,2000 region. Investors who bought at the present price would profit by more than 50% if the price rose past the current resistance levels.
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