Ethereum Price Plummets Amid Whale Exit and Liquidity Crisis

Ethereum's price saw a significant drop after a massive sell-off in the crypto market, with its market cap falling 3%.

The altcoin fell from $2,788 to a low of $2,635 before slightly rising to $2,692 at press time.

This sudden decline triggered panic and fear across the market, resulting in over $96 million worth of longs being liquidated, with total liquidations hitting $114 million.

An Ethereum whale, who had been accumulating ETH, panicked and exited, selling 42,005 ETH worth $111.89 million, leaving it with only 9,996 ETH worth $26.8 million.

This behavior suggests that even key players in the market are not fully convinced of the trend's sustainability, prompting them to behave speculatively.