$40 Million Ethereum Whale Will Lose If Price Drops to This Point!

An altcoin whale is at risk of liquidation due to the decline across the cryptocurrency market.

According to a post by blockchain analysis platform Lookonchain, a whale who has taken a long position in Ethereum (ETH) will lose his position if the price drops by a few hundred dollars.

According to Lookonchain data, this whale deposited 12 thousand 734 Ethereum ($40 million) in Compound. He then borrowed $31.4 million worth of stablecoins.

Compound allows users to borrow against underlying assets using crypto assets as collateral. USD Coin (USDC) is used as the base asset on the Ethereum-based platform.

If the Ethereum price drops to $2,984, this whale's position will be liquid.

Ethereum price is falling along with many other cryptocurrencies on the market, including Bitcoin. According to CoinGecko data, the ETH price dropped by 4.9% in the last 24 hours and fell to $ 3,137.

According to Coinglass data, during this period, a total of 293.9 million dollars worth of positions were liquidated in the market, of which 259 million dollars were formed in long positions.