After the Ethereum Shanghai upgrade, ETH price continues its upside move and even broke the $2,000 level. The fresh liquidity in the market caused a massive rise in trading volume, but experts believe some correction in ETH price before it starts moving upside again.
Moreover, miners and mining pools withdrawing ETH continuously will put additional selling pressure on Ethereum price. The ETH price is trading in the $2,000-$2,150 range this week.
The wallet address linked to the F2Pool mining pool’s co-founder Chun Wang (satofishi.eth) has withdrawn a massive amount of ETH in the last 2 days after the Shanghai (Shapella) upgrade. Until now, 15,886.72 ETH worth over $33 million has been removed in 3,500 withdrawals.
As per Etherscan data, he transferred 1,420 ETH worth over 3 million to Binance today. The ETH flows to crypto exchanges are increasing after the Shanghai upgrade.
Whales are also dumping Ethereum (ETH) to crypto exchanges. Today, a whale “0x2E5f” chose full withdrawals and withdrew a total of 25,855 ETH and transferred 22,000 ETH to Binance for 13.26 million USDT, noted Lookonchain. Whale Alert data also reported 17,284 ETH transferred from an unknown wallet to Coinbase.
ETH Price To Fall Below $2,000
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ETH price continues to trade sideways since Friday, with the price currently trading at $2,102. The 24-hour low and high are $2,057 and $2,104, respectively. Furthermore, the trading volume is also flat after rising in the last few days.
Ethereum spot and derivatives trading data indicate limited price movement in the next few days. Breaking below $2,000 could be possible if the month ends in low trading volume and rise in ETH withdrawals.
TokenUnlocks revealed that 1.06 million ETH has been withdrawn in over 592k withdrawals since the Shapella upgrade. With nearly 1 million ETH withdrawals in a queue and 16k ETH withdrawals estimated in the next 12 hrs.
