$40M Ethereum Whales Will Lose If Price Drops To This Level!

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

According to a post by blockchain analytics platform Lookonchain, a whale that held 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 USD) into Compound. He then borrowed $31.4 million worth of stablecoins.

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

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

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

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

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