Ethereum Key Takeaways:<\/p>\n
\u2013 ETH prices have plummeted below $1300
\n\u2013 Selling pressure intensifies, which triggers\u00a0the decline.
\n\u2013 Dire price forecasts for ETH<\/p>\n
Having lost about 20 percent of its value over the past 24 hours and hovering around $1,200 on Monday morning, many crypto investors and market observers are prepared for a massive Ether decline back into the triple digits.<\/p>\n
On the decentralized exchange Uniswap, however, it occurred late Sunday night, albeit momentarily, as ETH retreated below the spot price, relative to other exchanges, to $950.<\/p>\n
The duration of the sell-off saw ETH\u2019s liquidation price dropping from $1,200 to $875.<\/p>\n
Suggested Reading | Dogecoin Shed 91% Of Its Value Since 2021 High \u2013 A Musk Tweet To Pump DOGE?<\/p>\n
$ETH went to $945 on uniswap pic.twitter.com\/XybAcnkMCH<\/p>\n
\u2014 Ash WSB (@ashwsbreal) June 13, 2022<\/p>\n\n
Whale Dumps Over 65K ETH<\/p>\n
A whale unloaded over 65,000 ETH into the market for numerous \u201cstablecoins,\u201d including Tether (USDT), USD Coin (USDC), and DAI, at approximately 3:00 am UTC.<\/p>\n
The big sell-off observed on the worldwide market has a significant impact on the ETH price. Tuesday\u2019s trade price for ETH is $1,160.20, up 35 percent in the last seven days, according to statistics from Coingecko.<\/p>\n
The market value falls below $1300 as the death spiral approaches the upcoming support at $1000. Analysts are currently pondering if Ethereum\u2019s market price would drop below $1,000 or see a bullish reversal.<\/p>\n
As the price was much lower compared to the spot rate on other exchanges, which hovered around $1300 at the time, the ETH overselling was closely tracked on Crypto Twitter.<\/p>\n
Ethereum Flash Crash Tied To Debt Payoff<\/p>\n
A piece of evidence indicated that the whale sold its ETH holdings to settle over $73 million in debt at DeFi\u2019s Oasis.app lending platform. Throughout the period of the selloff, the liquidation price of ETH dropped from $1,200 to $875. Nonetheless, it was a momentary flash crash for Uniswap, and the price recovered in tandem with the rest of the market.<\/p>\n
i think so<\/p>\n
\u2014 DCF GOD (@dcfgod) June 13, 2022<\/p>\n\n
Why this whale\u2019s massive ETH spill is significant? Such swings might be damaging to token prices under unfavorable market conditions, particularly during strong downtrends. Therefore, major position holders must exercise caution while selling their positions on exchanges and decentralized platforms.<\/p>\n
Suggested Reading |\u00a0Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback<\/p>\n\n
ETH total market cap at $148 billion on the daily chart | Source: TradingView.com<\/p>\n
ETH\u2019s technical indicators, such as the RSI, are currently well into oversold territory. Despite the possibility of a slight rebound to the upside, the bear market is only intensifying, indicating that Ethereum and all other cryptocurrencies are expected to\u00a0continue feeling the pinch for some time.<\/p>\n
Meanwhile, Ether\u2019s rise to $950 was quick, indicating that there was sufficient demand for the tokens at that level. Yet another research, this one from veteran trader Peter Brandt, predicted ETH would drop to $650 within the next few weeks.<\/p>\n
Featured image from Blockworks, chart from TradingView.com<\/p>","protected":false},"excerpt":{"rendered":"
<\/p>\n
Ethereum Key Takeaways:<\/p>\n
\u2013 ETH prices have plummeted below $1300
\n\u2013 Selling pressure intensifies, which triggers\u00a0the decline.
\n\u2013 Dire price forecasts for ETH<\/p>\n
Having lost about 20 percent of its value over the past 24 hours and hovering around $1,200 on Monday morning, many crypto investors and market observers are prepared for a massive Ether decline back into the triple digits.<\/p>\n
On the decentralized exchange Uniswap, however, it occurred late Sunday night, albeit momentarily, as ETH retreated below the spot price, relative to other exchanges, to $950.<\/p>\n
The duration of the sell-off saw ETH\u2019s liquidation price dropping from $1,200 to $875.<\/p>\n
Suggested Reading | Dogecoin Shed 91% Of Its Value Since 2021 High \u2013 A Musk Tweet To Pump DOGE?<\/p>\n
$ETH went to $945 on uniswap pic.twitter.com\/XybAcnkMCH<\/p>\n
\u2014 Ash WSB (@ashwsbreal) June 13, 2022<\/p>\n
Whale Dumps Over 65K ETH<\/p>\n
A whale unloaded over 65,000 ETH into the market for numerous \u201cstablecoins,\u201d including Tether (USDT), USD Coin (USDC), and DAI, at approximately 3:00 am UTC.<\/p>\n
The big sell-off observed on the worldwide market has a significant impact on the ETH price. Tuesday\u2019s trade price for ETH is $1,160.20, up 35 percent in the last seven days, according to statistics from Coingecko.<\/p>\n
The market value falls below $1300 as the death spiral approaches the upcoming support at $1000. Analysts are currently pondering if Ethereum\u2019s market price would drop below $1,000 or see a bullish reversal.<\/p>\n
As the price was much lower compared to the spot rate on other exchanges, which hovered around $1300 at the time, the ETH overselling was closely tracked on Crypto Twitter.<\/p>\n
Ethereum Flash Crash Tied To Debt Payoff<\/p>\n
A piece of evidence indicated that the whale sold its ETH holdings to settle over $73 million in debt at DeFi\u2019s Oasis.app lending platform. Throughout the period of the selloff, the liquidation price of ETH dropped from $1,200 to $875. Nonetheless, it was a momentary flash crash for Uniswap, and the price recovered in tandem with the rest of the market.<\/p>\n
i think so<\/p>\n
\u2014 DCF GOD (@dcfgod) June 13, 2022<\/p>\n
Why this whale\u2019s massive ETH spill is significant? Such swings might be damaging to token prices under unfavorable market conditions, particularly during strong downtrends. Therefore, major position holders must exercise caution while selling their positions on exchanges and decentralized platforms.<\/p>\n
Suggested Reading |\u00a0Ether Drops Below $1,400, Pummeled By US Inflation And Difficulty Bomb Setback<\/p>\n
ETH total market cap at $148 billion on the daily chart | Source: TradingView.com<\/p>\n
ETH\u2019s technical indicators, such as the RSI, are currently well into oversold territory. Despite the possibility of a slight rebound to the upside, the bear market is only intensifying, indicating that Ethereum and all other cryptocurrencies are expected to\u00a0continue feeling the pinch for some time.<\/p>\n
Meanwhile, Ether\u2019s rise to $950 was quick, indicating that there was sufficient demand for the tokens at that level. Yet another research, this one from veteran trader Peter Brandt, predicted ETH would drop to $650 within the next few weeks.<\/p>\n
Featured image from Blockworks, chart from TradingView.com<\/p>\n
<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_layout":"default_layout","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[82],"tags":[],"class_list":["post-1140","post","type-post","status-publish","format-standard","hentry","category-blockchain"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/comments?post=1140"}],"version-history":[{"count":0,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/posts\/1140\/revisions"}],"wp:attachment":[{"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/media?parent=1140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/categories?post=1140"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/cryptocornercafe.com\/cafe\/wp-json\/wp\/v2\/tags?post=1140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}