Whale Enters Into Large ETH Position: Blockchain Tracking Firm

• Lookonchain noted that a whale entered into a large long position for ETH in the last week.
• According to the firm, the whale had withdrawn 3,633 ETH from Binance earlier today.
• At press time, ETH was trading at $1,667.70 after it gained 1.97% in the past 24 hours.

A tweet published by the blockchain tracking firm Lookonchain shows that one particular whale entered into a long position for Ethereum (ETH) on Aave (AAVE) over the past week. According to the post, the whale deposited 6,000 staked Ethereum (stETH) on Aave to borrow 6 million Tether (USDT). The Whale then deposited the lump sum to Binance on Monday.

This particular whale then withdrew 3,622 ETH from Binance earlier today. The blockchain tracking firm noted that the average purchasing price for the ETH that the whale had withdrawn was around $1,657.

Shortly after withdrawing the ETH, the whale then borrowed 7 million USDT and deposited it to Binance. The whale has not yet made a withdrawal from Binance following his latest deposit.

CoinMarketCap indicated that ETH was one of the many cryptocurrencies that was able to experience a price gain heading into the weekend. The altcoin leader was trading hands at $1,667.70 after a 1.97% price increase over the past 24 hours of trading.

Consequently, ETH was trading much closer to its daily high of $1,676.41 than its 24-hour low of $1,630.09. ETH ‘s price increase was, however, not enough to pull its weekly performance out of the red zone. At press time, the altcoin was down more than 9% over the past seven days.

ETH’s price dropped below the key support level at $1,777.25 on 10 June 2023, and continued to fall to the next key support at $1,615.28 in the days that followed. Bulls were, however, able to defend the crucial mark over the past 48 hours – resulting in the crypto’s price rebounding from a low of $1,616 to its current level.

Technical indicators still denote that ETH is in a short-term bearish cycle and that momentum favored sellers in the market at press time. The 9-day EMA line was positioned below the 20-day EMA line and ETH’s daily RSI was in oversold territory.

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