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Ethereum Lost 1.78%, Here's Likely 'Culprit' That Pushed ETH Down

Thu, 06/29/2023 - 12:15
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Yuri Molchan
Report has revealed likely reason for recent marginal ETH price drop
Ethereum Lost 1.78%, Here's Likely 'Culprit' That Pushed ETH Down
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"Smart Money" tracker @lookonchain has spotted a whale whom it believes may have impacted the Ethereum price decline that happened earlier today.

Whale likely caused ETH price drop

According to @lookonchain's tweet, the smart whale moved 25,000 ETH (worth slightly more than $47 million) to the Binance exchange yesterday. More than nine hours ago, he made a withdrawal of 16 million USDT from the same exchange after selling a portion of his Ethereum.

He may still have roughly 8,000 ETH unsold that he is storing on Binance with a potential profit of $14.7 million. @lookonchain assumed that this sell-off performed by the whale likely impacted the ETH price, pushing it down nearly 1.8%.

By now, however, ETH has recovered the losses and even grown more, demonstrating a rise by 2.26% overall. As of this writing, Ethereum is going at $1,867 per coin on the Binance exchange.

Sleeping Ethereum Whale Awakens and Moves Millions: Is It End of ETH Price Rally?

@lookonchain pointed out that the aforementioned whale is well-known to be a "smart whale" as he always buys crypto when it hits lows and sells as soon as the price spikes, when he has a "100% win rate in ETH trading."

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at