๐๐๐ How Asiaโs next crypto #Investment wave will be ignited from #BitcoinETFs
In the past 24 hours, the cryptocurrency market has experienced significant selling pressure, resulting in over $900 million in liquidations. #Ethereum (ETH) has dropped by 8% to around $3,250.
Whale Activity:
- Several prominent whales and institutions have contributed to the selling pressure in Ethereum. Transactions totaling 31,683 ETH, worth approximately $106 million, have been executed. Cumberland deposited 17,206 ETH ($57.3 million) onto exchanges, 0xC3f8 transferred 7,976 ETH ($26.6 million) to Binance, 0x1717 deposited 4,000 ETH ($13.32 million) into exchange platforms, and Alameda/FTX deposited 2,500 ETH ($8.33 million) into Binance. An unknown wallet also transferred $158 million worth of ETH to Binance, indicating potential further sell-offs.
Concerns Raised by Analyst Fred Krueger:
- Crypto analyst Fred Krueger expressed concerns about Ethereum's narrative, citing ongoing investigations involving the Ethereum Foundation and a Wells Notice issued for UniSwap. The absence of an Ethereum Exchange-Traded Fund (ETF) and a shift away from non-fungible tokens (#NFTs ) towards ordinals were noted. Additionally, Krueger highlighted the emergence of Solana as a competitor and the diminishing appeal of Ethereum's "Ultra Sound Money" narrative.
Impact on Ethereum Price:
- The recent correction has breached major support levels for Ethereum, with a possibility of the price dipping below $3,000 if selling pressure persists.
Source - coingape.com