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Huge Ethereum (ETH) Liquidation Drags Price by 20%- 15% More Pullback Expected This Month
The cryptocurrency market has been in a state of turmoil since the “Black Monday” stock market crash, with Ethereum’s (ETH) price plummeting drastically. The coin broke down below a crucial support level, which was once a strong base since 2020. As a result, the selling pressure continues to intensify, keeping the possibility of a bearish scenario alive.
The recent whale movements have created a massive sell-off, with some whales liquidating their holdings in large quantities. According to reports, one whale got liquidated for an astonishing 67,570 ETH, worth over $106 million at the current market price of $1,650 per ETH. Another whale has been converting his vast holdings into stablecoins, depositing over 14,000 ETH and withdrawing a massive amount of stablecoins.
In another shocking development, a whale with 220K ETH is on the verge of liquidating if he fails to increase the collateral or repay the debt. This could result in a catastrophic price drop for the Ethereum community as an additional 10,000 ETH would be liquidated, further exacerbating the selling pressure.
The bearish sentiment has been amplified by the outflow of over 26,230 ETH from the spot ETH ETF, worth approximately $50 million at the current market price. This drastic movement is expected to further destabilize the cryptocurrency’s value.
As a result of these massive liquidations and sell-offs, Ethereum’s (ETH) price has already plummeted by 20%. Unfortunately, this downtrend may not be over yet, as we expect an additional pullback of around 15% more.
Source: https://coinpedia.org/price-analysis/huge-ethereum-eth-liquidation-drags-price-by-20-15-more-pullback-expected-this-month/
