CandleFocus Ethereum price drop forces whales to sell ETH in millions to repay debts
2024-12-20
Author: Content Editor
Ethereum (ETH) has experienced significant price declines, leading to large holders of the cryptocurrency selling off their holdings to repay debts. The price of ETH has fallen by 18.35% from its recent high, forming a bearish engulfing pattern on the daily chart. Whales, or large holders, have deposited and withdrawn millions of dollars worth of ETH on Binance to repay debts on decentralized finance platforms Spark and Aave. Ethereum whales holding between 1,000 and 10,000 ETH collectively reduced their holdings by 60,000 ETH in a week. Ethereum liquidations have exceeded $190 million in the last 24 hours. Despite the selling activity, some whales have made bullish moves, with World Liberty Finance and Longling Capital purchasing ETH during the dip. However, Ethereum's struggles to break past the $4,000 resistance level continue, and the recent price downturn has led to a shift towards more short positions in futures trading.
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