Ethereum’s price plummeted to $1,769, sparking worries of a significant whale sell-off. On-chain expert Yu Jin revealed that the whale strategically downsized their holdings to push the liquidation threshold to $1,639. This move involved exchanging 4,760 ETH for 8.64 million DAI to settle debts.
📉 The Impact of the Whale Liquidation
The sudden Ethereum price decline to $1,769 has sent shockwaves through the market, particularly due to the whale’s maneuver. With the liquidation level set at $1,639, any further drop could lead to cascading liquidations, adding selling pressure on ETH.
⚡ What Lies Ahead for Ethereum?
If Ethereum fails to find strong support above $1,750, the next crucial level to watch is $1,600. A breach of this level might trigger a more extensive sell-off, potentially pushing ETH towards $1,500 or lower. However, a swift recovery above $1,800 could indicate a bullish reversal.
🤔 Should Traders Be Concerned?
Traders and investors should closely monitor Ethereum’s price action around key support levels. The market sentiment remains fragile, and any further selling pressure could exacerbate the current downtrend. It’s essential to stay vigilant and adapt to changing market conditions.
Will Ethereum bounce back from this downward spiral, or are more challenges ahead? Share your thoughts below!
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