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Home Technical analysis ETH

Ethereum Whales Kick Off Crypto Crash With 4,000 ETH Dump

Tony Spilotro by Tony Spilotro
4 months ago
in ETH
Reading Time: 3min read
ethereum whale crypto market downturn
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An Ethereum whale dumping as much as 4,000 ETH on Binance this morning might have been responsible for kickstarting the crypto market downturn.

How deep could the correction in Ethereum get, after such a substantial rally all throughout 2020?

DeFi Trend Fallout Takes The Legs Out From Under Ethereum Bull Run

Late US President John F. Kennedy famously said a “rising tide lifts all boats.” It was the DeFi trend that helped to bring Ethereum to new highs in 2020 before Bitcoin.

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And more recently, although BTC ratios on major altcoins have taken a beating, it has been Bitcoin’s rally that has helped keep Ethereum and other top alts from completely collapsing.

Related Reading | Ethereum Lagging Behind Bitcoin Could Demonstrate Altcoin Weakness

But that doesn’t mean that a serious enough selloff in altcoins, couldn’t turn the tide in Bitcoin also.

ethereum crypto whale

A whale dumping 4,000 ETH in the early morning overnight hours | Source: CoinMetrics

A large enough whale, capable of moving markets with a big splash of a sell order, did just that and sent the crypto market downward after days of uptrend on the back of a bullish Bitcoin.

According to CoinMetrics data, a whale on Binance decided to choose overnight this morning to drop 4,000 ETH into the market, when liquidity was the driest.

Retest Of Resistance Turned Support Could Put Nail In Bear Market Coffin

Ethereum has had a breakout 2020, beating Bitcoin by a large margin, and even after some short-term decline is up well over 180% year-to-date.

The altcoin ballooned all year long due to the strength of the DeFi trend, which only recently began to wane itself. The momentum shifted toward Bitcoin, which has only crushed alts further.

Now, with Bitcoin potentially teetering thanks to the wave across crypto kicked off by this Ethereum whale, the entire market could come crashing down hard without the boat to cause the rising tide that Kennedy spoke of.

Instead, a drain-like effect could flush out 2020 returns, especially during a time when risk is the highest with an election coming to a conclusion within mere hours.

A sharp selloff, however, could prompt a retest of support turned resistance, which acted as a key level for Ethereum all throughout the bear market.

ethereum usd

If the tides have turned, a retest of resistance turned support is likely | Source: ETHUSD on TradingView.com

A first rising wedge sent Ethereum down to test the red line as support, and on the next try, it made it through starting a bear trend. A second rising wedge topped out at the red line, while the third was able to push through it at the mid-point.

Related Reading | Ethereum Matching Market Psychology Roadmap Leads To Bull Run Next

The bull trend has been back on since the top-ranked altcoin got back above the red line, but now it must come back down to confirm that the bearish days are over for the crypto market, and never again will Ethereum trade below $250 support.

Featured image from Deposit Photos, Charts from TradingView.com and CoinMetrics
Tags: altcoinbitcoincryptoETHethbtcethereumethusdETHUSDTrising wedge
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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