๐ Ethereum Whale Makes Waves in Bearish Market ๐๐
As Ethereum faces turbulent times, a recent move by a crypto whale has sent shockwaves through the market. ๐ Despite a rough stretch for the worldโs second-largest cryptocurrency, marked by a 6.45% tumble in the past week and a 16.57% decline over the last few months, this whaleโs actions have drawn significant attention from traders and experts alike. ๐๐ผ
๐ Liquidation Drama: The whale, known for holding substantial ETH tokens, recently offloaded all 6,714 of their ETH at a market price of $19.5 million. Sounds like a hefty profit, right? Not quite. According to blockchain tracking platform Lookonchain, the investor actually incurred a staggering loss of $6.5 million based on the tokens' acquisition price. ๐ฑ๐ธ
๐ Whale Watching: Whale transactions often serve as bellwethers for market trends. The sudden sell-off of a significant portion of holdings can trigger a cascade effect, spooking other investors and leading to further price dips. Yet, amidst this bearish atmosphere, the impact on the ETH market remains uncertain. ๐๐ค
๐ก Market Insights: Despite the whale's move, thereโs a glimmer of hope on the horizon. In fact, following the 2020 BTC halving, ETH surged by over 2000%. This historical precedent may sway many ETH investors to hold onto their tokens despite the current downturn. ๐๐
๐ Altcoin Fallout: The whaleโs sell-off wasnโt limited to Eth alone. They also liquidated all their Optimism (OP) and Arbitrum (ARB) holdings, incurring further losses. In total, the investor took an $8.43 million hit across the three prominent altcoins. ๐๐ผ
๐ฐ Price Check: At present, ETH trades at $2,919, showing a slight gain of 0.27% in the last day. The altcoin is eyeing the $2,940 resistance zone, with potential for further gains if buying pressure holds strong. However, daily trading volume has dipped by 44.85%, reflecting cautious sentiment in the market. Ethereum remains 40.4% off its all-time high, achieved in November 2021. ๐๐ผ
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