Ethereum Drops Below $950 On Uniswap Overnight – Here’s Why
June 14 2022 - 1:52AM
NEWSBTC
Ethereum Key Takeaways: – ETH prices have plummeted below $1300 –
Selling pressure intensifies, which triggers the decline. –
Dire price forecasts for ETH Having lost about 20 percent of its
value over the past 24 hours and hovering around $1,200 on Monday
morning, many crypto investors and market observers are prepared
for a massive Ether decline back into the triple digits. On the
decentralized exchange Uniswap, however, it occurred late Sunday
night, albeit momentarily, as ETH retreated below the spot price,
relative to other exchanges, to $950. The duration of the sell-off
saw ETH’s liquidation price dropping from $1,200 to $875. Suggested
Reading | Dogecoin Shed 91% Of Its Value Since 2021 High – A Musk
Tweet To Pump DOGE? $ETH went to $945 on uniswap
pic.twitter.com/XybAcnkMCH — Ash WSB (@ashwsbreal) June 13, 2022
Whale Dumps Over 65K ETH A whale unloaded over 65,000 ETH into the
market for numerous “stablecoins,” including Tether (USDT), USD
Coin (USDC), and DAI, at approximately 3:00 am UTC. The big
sell-off observed on the worldwide market has a significant impact
on the ETH price. Tuesday’s trade price for ETH is $1,160.20, up 35
percent in the last seven days, according to statistics from
Coingecko. The market value falls below $1300 as the death spiral
approaches the upcoming support at $1000. Analysts are currently
pondering if Ethereum’s market price would drop below $1,000 or see
a bullish reversal. As the price was much lower compared to the
spot rate on other exchanges, which hovered around $1300 at the
time, the ETH overselling was closely tracked on Crypto Twitter.
Ethereum Flash Crash Tied To Debt Payoff A piece of evidence
indicated that the whale sold its ETH holdings to settle over $73
million in debt at DeFi’s Oasis.app lending platform. Throughout
the period of the selloff, the liquidation price of ETH dropped
from $1,200 to $875. Nonetheless, it was a momentary flash crash
for Uniswap, and the price recovered in tandem with the rest of the
market. i think so — DCF GOD (@dcfgod) June 13, 2022 Why this
whale’s massive ETH spill is significant? Such swings might be
damaging to token prices under unfavorable market conditions,
particularly during strong downtrends. Therefore, major position
holders must exercise caution while selling their positions on
exchanges and decentralized platforms. Suggested Reading
| Ether Drops Below $1,400, Pummeled By US Inflation And
Difficulty Bomb Setback ETH total market cap at $148 billion on the
daily chart | Source: TradingView.com ETH’s technical indicators,
such as the RSI, are currently well into oversold territory.
Despite the possibility of a slight rebound to the upside, the bear
market is only intensifying, indicating that Ethereum and all other
cryptocurrencies are expected to continue feeling the pinch
for some time. Meanwhile, Ether’s rise to $950 was quick,
indicating that there was sufficient demand for the tokens at that
level. Yet another research, this one from veteran trader Peter
Brandt, predicted ETH would drop to $650 within the next few weeks.
Featured image from Blockworks, chart from TradingView.com
TRON (COIN:TRXUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
TRON (COIN:TRXUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024