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Ethereum Bloodbath Hits $2900 With 8.88% Downside Risk This Weekend
Ethereum Price Crash Breaks Below Crucial Supports And $3,000 Mark As Crypto Market Crashes. Will The Fall Reach $2,600 This Sunday?
With a bullish conclusion last Sunday and a 1.75% jump, Ethereum holders were not expecting a crash this week. However, with the publication of the Mt. Gox Bitcoin settlement, the cryptocurrency market crashes to crucial levels.
The release of huge Mt. Gox payments in 2014 has increased supply pressure in the broader market. With such a huge supply entering the market, demand for all major altcoins, meme coins, AI tokens, etc., plummets.
As buyers struggle to absorb the incoming selling pressure, the largest altcoin, Ethereum, dips below the $3,000 mark. Thus, Ethereum Price Prediction Will the $10,000 mark be true, or will this crash lead to a revision of market forecasts?
Ethereum Price Trend
Seeing a landslide, the Ethereum price crash is struggling to find a support area in this market crash. As HODLers continue to expect a near-term setback, the ETH price drops below the $3,000 mark.
With a 16.42% decline this week, bearish patterns and signals are overwhelming the Ethereum price chart. Overwhelmed bears start the bloodbath with the formation of the evening star for a retest of the range breakout at $3,460.
With a 16% decline in 4 days, including a 6% intraday decline, ETH price breaks below the long-standing support trend line. Amid the decline, major altcoins and meme coins such as Solana, DOGE, SHIB, etc. have seen a 15% or more decline this week.
With increased momentum, the break of the trendline sends Ethereum crashing to the next support level of $2,875. Furthermore, the fall triggers a bearish phase in the MACD and signal lines below the zero line.
Whale Activity Triggers Ethereum Price Drop and Strategic Move
A whale recently caused havoc in the cryptocurrency market by selling 26,600 ETH ($82.5 million) at $3,102 to repay debt on Aave, resulting in a 3.4% drop in Ethereum price. The whale later created a new wallet and borrowed 80.9 million USDT from Aave to purchase 26,235 ETH at a lower price of $3,084. This strategic move is aimed at capitalizing on the price decline.
The current health rating of the whale is 1.9, with a liquidation price of $1,625, indicating a calculated risk in exploiting this substantial position.
Interested addresses:
- 0x931433324e6b0b5b04e3460ef3fb3f78dda3c721
- 0xa339d279e0a3a9ede11eceac2ec9529eebdae12c
Additionally, many Ethereum whales are on the verge of liquidating ETH held in Aave and Compound. In the last two hours, three whales have deposited a total of 28,558 ETH ($82.2 million) to Binance and sold them to repay debt.
Whale Addresses:
This rush to repay debt and avoid liquidation underscores the growing pressure on major ETH holders and the broader implications for the stability of the cryptocurrency market.
Will $ETH Reach $2,616?
As Ethereum price action forms a triple black crow pattern on the daily chart, the chances of a breakdown are significantly higher. With increasing selling pressure, the stress on $2,875 is rising, signaling a potential breakdown.
Currently, ETH price is trading at $2,866, which is a bearish signal for a prolonged decline. However, a daily close will enhance the strength of the signal for positional traders.
A breakout of the rally could send Ethereum down another 10%, hitting the $2,616 level.