Ethereum ($ETH ), which fell below $3,200, was surprised by consecutive whale sales.
Ethereum price lost more than 13 percent in the last 24 hours and dropped below $3,200. The drop triggered massive selling by#ETHwhales and the Ethereum Foundation. With the break of the $3,500 support, there was a massive liquidation of long positions. Analysts expect the next support level to be around $2,800.
During the general collapse in the cryptocurrency market, Ethereum whales created a negative atmosphere on the pair by selling in large quantities. Data analytics platform Onchain Lookonchain reported that a whale deposited 22,746 ETH ($77.7 million) worth of ETH into Binance and withdrew the stablecoin to pay off his debts.
Over the past two days, the same whale has deposited a total of 31,968 ETH ($122.3 million) into Binance. Another whale moved 49,910 ETH ($170 million) to Binance in the past eight hours and then withdrew $137.8 million worth of the stablecoin.
These sales caused a sharp drop in the price of Ethereum, creating massive selling pressure on the pair. Ethereum, which had been in a downtrend since $4,000, lost 17.5 percent of its value in a short period of time.
The Ethereum Foundation continues to make strategic sales during periods when the price of ETH reaches peak levels. Two days ago, when the price of ETH was $4,000, the foundation sold an additional 100 ETH of its holdings.
According to data from Arkham Intelligence, the Ethereum Foundation sold a total of 4,466 ETH ($12.6 million) in the past year. Fifteen of these transactions occurred at levels close to the market’s peak. The sales in question show that the#EthereumFoundation is strategically evaluating price peaks.
