Ethereum Price Freefalls 20% Following $600 Million ETH Liquidation
Ethereum's price has dropped over 20% in the last 30 days, reaching around $2,550. Major sales by entities like the Ethereum Foundation and Jump Trading, totaling 197.8K ETH worth approximately $599 million, have contributed to this decline. Jump Trading added 88.9K ETH to exchanges before a significant price drop on August 5. An ICO whale known as "0xe17" deposited large amounts of ETH onto exchanges, including 48.5K ETH to OKX, while another whale, "0x682," transferred 25K ETH to Kraken before price declines. Despite the downturn, analysts from Cryptorphic remain optimistic, citing strong support between $2,184 and $2,348. If Ethereum closes above the 35-day EMA resistance at $2,559, it could signal further upside potential toward $3,750. Technical indicators suggest a possible shift in momentum, indicating a potential recovery or consolidation for Ethereum.
