Lookonchain reports that Cumberland has withdrawn 8,250 ETH from Binance and 4,500 again from Coinbase. The famous company also transferred 6 altcoins, including AXS and LINK. According to analyst Tobith Tob, ETH may experience a low volatility market before reaching the bullish recovery point.
Cumberland pulled AXS, LINK and 6 altcoins!
Lookonchain, a Web3 data analytics platform, reported that Cumberland, a crypto-asset trading firm, has withdrawn 8,250 ETH from Binance and another 4,500 ETH from Coinbase. At the same time, Lookonchain also noted that Cumberland had previously withdrawn 20,000 ETH and another 4,850 ETH. So far, the company has withdrawn a total of 37,500 ETH worth approximately $69 million.
Cumberland withdrew 8,250 $ETH ($15M) from #Binance and 4,500 $ETH ($8M) from #Coinbase again.
A total of 37,600 $ETH ($69M) has been withdrawn.https://t.co/YzPbuAi980 pic.twitter.com/5fUgVcc9R5
— Lookonchain (@lookonchain) June 7, 2023
Lookonchain also evaluated the possible reason behind this important exit. Accordingly, following the negative impact of the crypto market, financial institutions and companies are buying “bottom”. According to experts, this indicates that Cumberland takes advantage of this golden opportunity and expects the price of ETH to rise in the future. As you follow on Kriptokoin.com, one of the likely main factors behind crypto’s recent decline is the FUD, which rose after news of the SEC suing Binance and Coinbase.
Lookonchain, apart from the leading altcoin, Cumberland’s altcoins such as Axie Infinity (AXS), Shiba Inu (SHIB), Compound (COMP), Chainlink (LINK), Curve DAO (CRV), Aave (AAVE) and Render Token (RNDR). He also stated that he transferred them. Despite the SEC’s startling attacks on the crypto industry, many institutions and whales have not been affected. In fact, he interestingly saw it as a fortuitous event.
What’s in the technical picture of Ethereum?
The decline of ETH has created a lucky turning point for various traders considering buying the leading altcoin. According to CoinMarketCap, ETH has dropped 1.41% in just 24 hours at press time. The altcoin’s price was at $1,844.29 after its weekly performance dropped 0.93% into the red zone. Meanwhile, trading volume also fell 23.95% to $1,382,958,513.
ETH price chart / Source: CoinMarketCapLooking at the 3-hours chart of ETH/USD, it seems that candlesticks have recently entered weak territory. Thus, ETH is trading in the lower half of the Bollinger Band. Moreover, the gap between the upper band and the lower band is still too large. This indicates high volatility in the market. In the last week of May, ETH rose towards the Support 2 zone. In the process, it was trading at the current recovery point.
However, candlesticks have recently experienced a Bollinger Band squeeze. This led to a breakout in the lower half. Moreover, the massive drop ETH faced could also be a result of the FUD observed in the crypto market recently.
3-hour chart of ETH/USD / Source: TradingViewMeanwhile, the lower band is moving upwards. Therefore, there is a possibility that volatility will decrease. During the low volatility market, it is possible for ETH to trade candlesticks between Support 2 and Weak Resistance for a while. ETH is likely to easily trade above the recovery point if it continues to receive optimistic support from whales and institutions.
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