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The approval of a spot Ethereum ETF (Exchange Traded Fund) in the United States has gathered massive attention from crypto enthusiasts and attracted both investors and institutions. Recently, an on-chain analytics firm, LookOnChain, made a post on X (formerly Twitter) highlighting the significant interest in Ethereum-based altcoins. Whale adds massive LDO, SHIB, PENDLE, and ETH amid price drop 
According to theLookOnChain post, in the last three hours, a whale withdrew a substantial amount of Ethereum-based tokens, including LDO, SHIB, PENDLE, and Ethereum. The withdrawals included 2.43 million LDO tokens worth $5.68 million, 58.08 billion SHIB tokens worth $1.62 million, 102.9K PENDLE tokens worth $637K, and 500 ETH worth $1.89 million from the world’s biggest cryptocurrency exchange, Binance. 
Despite these massive withdrawals, the tokens are currently experiencing a downside move. LDO saw a 5% decline, SHIB experienced an 8% decline, PENDLE saw a 3.5% decline, and Ethereum experienced a 2.5% decline.
The potential reason behind this significant accumulation is the US SEC’s approval of a spot ETH ETF. However, this is not the first time whales or investors have withdrawn Ethereum-based altcoins. Earlier, on May 24, 2024, new crypto wallets added $77 million worth of <a href="https://news.todayq.com/ena-pepe-uni-and-aave-prices-surge-heres-why/" rel="noopener noreferrer nofollow">ETH-based tokens</a>, including LDO, ENS, ENA, PEPE, UNI, and AAVE from centralized exchanges (CEXs), as reported by Todayq News.
It seems that the intentions of traders and investors are clear—they might be making big bets on the spot ETH ETF. This massive accumulation of Ethereum-based tokens may cause ETH to surge. Ethereum technical analysis and key levels 
Currently, Ethereum is trading near $3,720, and in the last 24 hours, it experienced a 2% downside move. Over the past 7 days, the price of ETH has remained stable. In the last 30 days, however, it experienced a 20% increase. The reason behind this surge is the spot ETH ETF approval and the performance of these Ethereum-based tokens.
According to expert technical analysis, Ethereum is looking bullish, but it is currently taking support from the important $3,700 level. This current level is a retest level, and there is a high chance that ETH might pull back from this level. However, if ETH falls below the $3,650 level, we may see a significant downmove in the coming days. Conversely, if ETH experiences a bullish move, there is a high chance it could hit the $4,080 level.

SHIB, LDO, ETH scooped by whale amid price dump

Todayq News

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