Analysts name the reasons for the fall of the Ethereum cryptocurrency

Lookonchain analysts reported significant ETH transfers involving crypto whales and the lender Celsius, which is at the epicenter of the scandal. This caused a significant drop in the main altcoin. According to Lookonchain, Celsius continued its recent practice of making large deposits to centralized exchanges.

The online smartmoney platform has published details of large withdrawals ETH $3,335.62 Bridged Ether (StarkGate) -1.94% Market capitalization $0.28 billion VOL. 24 hours $1.61 billion from some of the leading exchanges over the past 24 hours. One whale reportedly withdrew 7779 ETH, equivalent to $ 18.7 million. During the same period, 8077 ETH worth $ 19.4 million was withdrawn from another wallet from Bitfinex.

Another notable transfer included the withdrawal of 3,228 ETH from Binance, equivalent to $ 7.8 million. The analytical platform also reported that six newly created wallets withdrew 7756 ETH from Binance and Kraken, worth $ 18.7 million.

Almost 24 hours after the various withdrawals were reported, Lookonchain noticed several transfers from a wallet owned by Celsius. A report from the analytics platform showed that the crypto lender transferred 13,000 ETH to Coinbase, equivalent to $ 30.34 million. He also made a 2,200 ETH transaction worth $ 5.13 million to FalconX.

Ethereum fell by 4.6% over the past day and by 9.2% over the week. The drop pushed ETH to retest its existing uptrend line, moving it into the horizontal range in which it traded for one month before the ETF was approved.