On-chain data shows that a whale was behind the drop in ARB and ETH prices by CoinEdition


On-chain data shows that a whale was behind the drop in the price of ARB and ETH
  • Lookonchain tweeted this morning that whales were responsible for the drop in the price of ARB and ETH.
  • The post mentioned that a whale sold 2.77 million ARB and 21K ETH in the last 24 hours.
  • At the time of writing, ARB was trading at $1.10 and ETH was trading at $1,839.81.

Blockchain tracking firm Lookonchain mentioned in a tweet this morning that whales were responsible for the recent price drop in Arbitrum (ARB) and (ETH). According to the post, this whale has moved 2.77 million ARB and 21K ETH to Binance over the past 24 hours.

The tweet added that shortly after the two transfers were processed, the price of ARB fell by nearly 9%, while the price of ETH fell by about 2%. The whale then withdrew $15.9 million USDT from Binance this morning.

The entire crypto market is down 1.91% over the past 24 hours according to CoinMarketCap. As a result, the global cryptocurrency market value is estimated at $1.14 trillion at the time of writing. Looking at ETH and ARB, ETH managed to recover slightly and fell by 1.21% while ARB fell by 6%. ETH was trading at $1,839.81 and ARB settled at $1.10.

ARB also weakened against Bitcoin over the same period. At press time, ARB is down 3.86% against the leading cryptocurrency. On the other hand, ETH managed to outperform BTC by 0.96%.

ETH/USDT Daily Chart (Source: TradingView)

ETH price continued to trade inside the consolidation channel between $1,784.85 and $1,942.32. However, the price of the altcoin was based on the lower band of the price channel and was also trading below the 9-day and 20-day moving average lines. As a result, it remains at risk of falling below the $1,784.45 level and falling towards $1,700.

Technical indicators in the ETH daily chart supported a bearish thesis, with the 9-day EMA line recently crossing lower below the 20-day EMA line. Moreover, the daily RSI was also declining with the daily RSI line trading below the daily RSI SMA line.

However, a closing of ETH above the $1,784.45 level in the next 48 hours will lead to a change in momentum. This will then drive the price of ETH to $1,942.32 in the next week.

Disclaimer: Opinions and opinions, as well as all information shared in this price analysis, are published in good faith. Readers should do their research and due diligence. Any action taken by the reader is at their own risk. Coin Edition and its affiliates will not be liable for any direct or indirect damage or loss.

A post showing on-chain data showing a whale behind the drop in ARB and ETH prices made its first coin issuance.

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