Ethereum (ETH) price has crashed over 11% dropping under $3,300 in the last 24 hours amid selloff by the Ethereum whale entities as well as the Ethereum Foundation. With ETH falling under the crucial support of $3,500 today, there have been heavy liquidations of long positions with analysts expecting the next support around $2,800. Ethereum Whales Selloff in Massive Quantity Amid the broader crypto market crash , Ethereum whale entities have resolved to major selloff leading to negative sentiment around the asset. Blockchain analytics platform Lookonchain reported that one whale deposited 22,746 ETH, worth $77.7 million, to Binance earlier today and withdrew stablecoins in order to repay the debts on Aave and Spark. Over the last two days, this same whale has deposited a total of 31,968 ETH, valued at $122.3 million, into Binance. In another instance, a separate whale transferred 49,910 ETH, worth $170 million, to Binance in the past eight hours and subsequently withdrew $137.8 million in stablecoins. Source: Lookonchain Thus, the ongoing turbulence in the crypto market has triggered large-scale liquidations in Ethereum with investors forced to pay their debts. Following the rejection at $4,000, the ETH price has corrected more than 17.5% as of the current price. Just two days before when ETH was trading at $4,000, the Ethereum Foundation sold off another 100 ETH from its holdings. This shows a strategic sale by the Foundation at the top. Data shows that over the past year, the Ethereum Foundation has executed 32 trades, selling a total of 4,466 ETH worth approximately $12.6 million. Notably, 15 of these trades were conducted at or near market peaks, as per the data from Arkham Intelligence . Apart from Ethereum whale selloff, the spot Ethereum ETFs saw $60 million in outflows on Thursday after several days of consecutive inflows. Grayscale’s ETHE contributed to a majority of the outflows at $58 million. Will ETH Price Crash to $2,800 Again? Crypto market analysts have turned bearish on Ethereum expecting the ETH price to drop $2,800 and a bit below for re-accumulation. Popular crypto analyst Caleb Franzen shared an inverse head-and-shoulders pattern for Ethereum showing that it’s on a downward trajectory to hit another low of $3,000, and could bounce off from there to $4,000 levels. “Now that we’re getting rejected at the YTD highs, all I see is the opportunity to produce the final phase of the inverse head & shoulders setup,” he noted. Source: Caleb Franzen This year in 2024, Ethereum has largely underperformed other altcoins testing investors’ patience. However, the Ethereum bulls believe that once ETH crosses $4,100, the surge to an all-time high will be very fast. Popular crypto analyst Ted Pillows noted: “$4K seems like the new $1.4K for Ethereum. In the 2020-21 cycle, ETH got rejected from $1,400 several times before a successful breakout. Right now, the same thing is happening with the $4K level, but there’ll be a breakout soon. Once $ETH closes above $4.1K, a new ATH will happen in no time”. Despite Ethereum whale selloff, the Ethereum options data from Deribit shows that not everything is bad for ETH at the moment. A total of 173,000 ETH options expired recently, carrying a notional value of $590 million. The options featured a Put/Call ratio of 0.5, indicating a higher volume of bullish call positions compared to bearish puts. The max pain price—a level where most options lose value—is at $3,750, reflecting a key area of interest for traders and market participants. As of press time, the Ethereum price is trading 11.21% down at $3,264 levels with its market cap falling under $400 billion. As per the Coinglass data , the open interest dropped by 10.53% slipping under $25 billion. The 24-hour liquidation has also surged to $226 million of which $198 million is in long liquidation. The post Will Ethereum Whale Selloff Trigger ETH Price Crash Under $2,800? appeared first on CoinGape .
