![Big Whale Who Made $29million+ from Ethereum Alone, Deposits 5000 ETH to Binance: Slump Incoming?](http://media.assettype.com/voiceofcrypto%2Fimport%2Fwp-content%2Fuploads%2F2023%2F11%2FWebsite-29-Nov-31_11zon.jpg?w=480&auto=format%2Ccompress&fit=max)
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A crypto whale who also might be a large crypto fund or a crypto millionaire has deposited 5,000 ETH on November 28, 2023 to Binance Exchange. The ETH is worth $10 million. The same whale has earlier made at least $29 million from ETH between 2020 and 2021.
At a situation when Bitcoin and Ethereum ETFs are due for approval, US Fed Meeting is scheduled and US Inflation data is expected, this excessive supply could trigger a selloff in the markets.
We will explore the possibilities of a sell-off in Ethereum and will also take a look at ETH's price with technical analysis and try to see what would be the best action in this situation.
Lookonchain discovered the transaction that a whale deposited 5,000 ETH to Binance on Nov 28, 2023.
Earlier when the same whale withdrew 39,257 ETH (worth $16.87 million) from Huobi Exchange from Oct 30 – Nov 12, 2020, the value of ETH increased from $430 to $4500, more than 10 times. Then the same Whale deposited 26,257 ETH to Binance and made nearly $35 million, making more than $29 million in profit.
Another transaction which is even more surprising is that the same whale withdrew 28,010 ETH between September 23 and 28, 2022, from Binance at $1,324 exactly couple of months before crypto markets started recovering.
Now, when the markets are at a 18-month high for several cryptocurrencies including ETH, the suspicious move by the Whale seems to signal towards a market correction.
In a later part in this article, we will explore ETH price from a technical perspective to confirm whether the situation is ripe for getting out of the markets.
Ethereum is at a very important psychological level of $2,000, below which ETH can easily fall back to $1,760. A 5,000 ETH volume is not enough to impact ETH price levels on a day to day basis as daily volumes are around $9.4 billion.
However, this changes in specific situations where there is delicate balance between buyers and sellers. One such delicate balance situation is expected around December 12-13 when the US Federal Reserve will meet for the last time in 2023. The two days are also important because on those dates, US inflation data is also expected.
A selloff, even if minor could act as a domino effect for all suspecting bears to start short-selling Ethereum.
#Note: A bear is a crypto seller who expects the market to go down and starts shorting crypto futures and options. Since they use leverage to sell, sometimes even 100x, it creates up to 100 times selling volumes than their actual crypto holdings.
ETH has recently crossed a crucial psychological level of $2,000. If it starts falling, the nearest support is near $1,750 which shows that there is a possibility of 12.5% correction. On the upper side, there seems to be a resistance at $2,140 which ETH failed to cross twice this month on Nov 10 and 24.
There is also a minor but immediate resistance at $2,021.
Taking a close look at technical indicators show that:
Therefore, we suggest to trade with precaution as the markets are slightly negative.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.