— Ethereum prices have fallen below R20 930. -Selling pressure increases, causing the price to fall. -ETH price estimates are bleak.
After losing over 20% of its value in the previous 24 hours and hovering around R19 320 on Monday morning, many crypto investors and market experts are bracing for a huge Ether drop back into the triple digits.
However, on the decentralized market Uniswap, it happened late Sunday night, albeit briefly, as ETH fell below the spot price relative to other exchanges, to R15 295.
ETH’s liquidation price fell from R19 320 to R14 088 over the course of the sell-off.
On uniswap, $ETH reached R15214.
Over 65K ETH is dumped by a whale
At around 3:00 a.m. UTC, a whale dumped over 65,000 ETH into the market for a variety of “stablecoins,” including Tether (USDT), USD Coin (USDC), and DAI.
The massive sell-off observed on the global market has had a substantial impact on the ETH price. According to Coingecko data, the price of ETH on Tuesday is R18 676, up 35% in the last seven days.
As the death spiral approaches the approaching support at R16 100, the market value falls below R20 930. Analysts are now debating whether Ethereum’s market price would fall below R16 100 or experience a bullish reversal.
Because the price was significantly lower than the spot rate on other exchanges, which was hovering around $1300 at the time, the ETH overselling was closely monitored on Crypto Twitter.
The Ethereum Flash Crash Is Linked To Debt Repayment
According to evidence, the whale liquidated its ETH holdings to pay off over R1.1 billion in debt at DeFi’s Oasis.app lending platform. Throughout the selloff, the liquidation price of ETH fell from R19 305 to R14 077. Nonetheless, it was a brief flash crash for Uniswap, and the price quickly recovered along with the rest of the market.
What is the significance of this whale’s big ETH spill? Under unfavourable market conditions, such movements could be detrimental to token prices, particularly during major downtrends. As a result, major position holders must proceed with prudence when selling positions on exchanges and decentralized platforms.
or ETH, such as the RSI, are currently well oversold. Despite the likelihood of a minor uptick, the bear market is just strengthening, implying that Ethereum and all other cryptocurrencies will continue to feel the squeeze for some time.
Meanwhile, Ether’s surge to R15 284 was rapid, showing that the tokens were in high demand at that level. Another research, this time by veteran trader Peter Brandt, forecasted that ETH would fall to R1 0457 in the coming weeks.