Will Ethereum Whale Selloff Trigger ETH Price Crash Under $2,800?
The post Will Ethereum Whale Selloff Trigger ETH Price Crash Under $2,800? appeared on BitcoinEthereumNews.com.
Ethereum (ETH) price has crashed over 11% dropping under $3,300 in the last 24 hours amid selloff by the Ethereum whale entities as well as the Ethereum Foundation. With ETH falling under the crucial support of $3,500 today, there have been heavy liquidations of long positions with analysts expecting the next support around $2,800. Ethereum Whales Selloff in Massive Quantity Amid the broader crypto market crash, Ethereum whale entities have resolved to major selloff leading to negative sentiment around the asset. Blockchain analytics platform Lookonchain reported that one whale deposited 22,746 ETH, worth $77.7 million, to Binance earlier today and withdrew stablecoins in order to repay the debts on Aave and Spark. Over the last two days, this same whale has deposited a total of 31,968 ETH, valued at $122.3 million, into Binance. In another instance, a separate whale transferred 49,910 ETH, worth $170 million, to Binance in the past eight hours and subsequently withdrew $137.8 million in stablecoins. Source: Lookonchain Thus, the ongoing turbulence in the crypto market has triggered large-scale liquidations in Ethereum with investors forced to pay their debts. Following the rejection at $4,000, the ETH price has corrected more than 17.5% as of the current price. Just two days before when ETH was trading at $4,000, the Ethereum Foundation sold off another 100 ETH from its holdings. This shows a strategic sale by the Foundation at the top. Data shows that over the past year, the Ethereum Foundation has executed 32 trades, selling a total of 4,466 ETH worth approximately $12.6 million. Notably, 15 of these trades were conducted at or near market peaks, as per the data from Arkham Intelligence. Apart from Ethereum whale selloff, the spot Ethereum ETFs saw $60 million in outflows on Thursday after several days of consecutive inflows. Grayscale’s ETHE contributed…
