One unique whale engaged in a prolonged place for Ethereum (ETH) on Aave (AAVE), according to a tweet from the blockchain monitoring service Lookonchain, over the past week. To borrow 6 million Tether (USDT), the whale put 6,000 staked Ethereum (stETH) on Aave, according to the submission. The Whale later made a lump sum deposit to Binance on Monday.
Then, this particular whale earlier today withdrew 3,622 ETH from Binance. The blockchain monitoring organisation made it known that the whale had withdrew approximately $1,657 worth of ETH at the average selling price.
The whale quickly borrowed 7 million USDT and deposited it to Binance after withdrawing the ETH. After his most recent deposit, the whale has not yet made a withdrawal from Binance.
According to CoinMarketCap, ETH was one of the numerous cryptocurrencies that could experience a value increase as we approached the weekend. The head of the altcoin market was buying and selling weapons at $1,667.70 after a value increase of 1.97% over the previous 24 hours of trading.
As a result, 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 insufficient to lift its weekly performance out of the red, though. At the time of publication, the altcoin had lost more than 9% of its value during the preceding week.
On June 10, 2023, ETH’s value fell below the critical support level of $1,777.25 and then continued to decline over the following days, reaching the next critical support level of $1,615.28. However, during the past 48 hours, bulls have been able to hold the crucial level, which has allowed the cryptocurrency’s value to recover from a low of $1,616 to its current level.
However, technical indications show that ETH is in a short-term negative cycle and that at the time of publication, momentum was favoring sellers. The 20-day EMA line was directly above the 9-day EMA line, and the daily RSI for ETH was oversold.