Ethereum Price Plummets Amid Whale Exit and Market Sell-Off
The Ethereum price plummeted after a massive sell-off in the crypto market, which saw the total market cap fall by 3% according to CoinMarketCap (CMC) data.
Ethereum's price dropped from $2,788 to a low of $2,635 before slightly recovering to $2,692 at press time. This decline triggered a wave of liquidations, with over $96 million worth of long positions being flushed out.
A prominent Ethereum whale, which had been accumulating and attempting to chase the recent rally, panicked and exited the market, selling 42,005 ETH worth $111.89 million. This exit contributed to the downward pressure on Ethereum's price.
Despite some whales continuing to accumulate and even rotate from Bitcoin (BTC) to Ethereum, their behavior suggests they are not yet fully convinced of the trend, prompting them to behave speculatively.