All the good news is bad news!!!

This is why Ethereum fell today👇

One day after the successful launch of the Ethereum spot ETF, the price of Ethereum encountered strong selling pressure, falling by more than 8% all the way to $3,150. This caused a large-scale liquidation of Ethereum long positions in the past 24 hours.

According to data, the total liquidation of Ethereum has exceeded that of Bitcoin in the past 24 hours. Among them, the liquidation of Ethereum currently reaches $97.8 million, while the liquidation of Bitcoin is $80.9 million.

Of all the liquidations of Ethereum, $94.4 million belong to long liquidations and only $43.3 million belong to short liquidations. Interestingly, most of these liquidations occurred in the past 4 hours, when the price of Ethereum was under great selling pressure.

It seems that the approval of the Ethereum spot ETF has actually turned into a news event for selling, similar to what we saw with Bitcoin in early January this year. As ETH prices rose to $3,500 in July, investors seemed to finally take profits from the excitement surrounding the ETF approval.

Data shows that a large Ethereum whale has been selling its tokens yesterday. According to relevant data, just before the Ethereum price fell, a large Ethereum whale made $173 million in profits from ETH while depositing 10,000 ETH on Kraken, worth $34.2 million.

The whale withdrew 96,639 ETH from Coinbase at $1,580 in September 2022. Since March of this year, the whale has transferred nearly 40,000 ETH to Kraken. At the current price of ETH, the whale still holds a remaining balance of 56,639 ETH, worth $188 million.

In addition, the current Mt. Gox distribution is putting pressure on the broader crypto market.

With the massive outflow from Grayscale Ethereum Trust, ETH prices may see some reversal. ETH may experience a two-week downtrend before resuming its rally to a new all-time high. According to the chart, Ethereum may find support around $3,150 before resuming its rise.

If it fails to break below support, there will be a wave of opportunities for retail investors, as long as they find the hot sectors that are about to stand out in this pullback......