1 year ago
Ethereum has been seeing immoderate important downside coming retired of the weekend. This was triggered by the FTX hacker, who presently holds hundreds of thousands of ETH, dumping immoderate of those coins for Bitcoin implicit the weekend. After dumping astir 10,000 ETH, the integer plus had dumped much than 7%, arsenic a ample fig of investors proceed tracking the wallet.
More Pain To Come For ETH
Looking astatine the interaction of the FTX hacker selling ETH for BTC had connected the market, and seeing the balances of the address, it is nary concealed that Ethereum is not wholly retired of the woods yet. There are a batch of eyes connected the hacker’s wallet, which contains much than 180,000 ETH, coming retired to implicit $200 million.
Even now, the hacker continues to dump much ETH, putting much merchantability unit connected the cryptocurrency. On Monday, the hacker dumped different 15,000 ETH which was converted to BTC according to on-chain data. Given the signifier of selling, it looks similar the hacker is trying to person the stolen crypto to BTC, apt moving it done a mixer aboriginal on.
Continuous selling connected the portion of the hacker who is present 1 of the largest ETH whales could origin further harm to Ethereum’s price. Over the past 24 hours, ETH’s terms is already down much than 7%, making triple-digit terms ranges an expanding anticipation for ETH.
Can Ethereum Hold Up?
Ethereum bulls proceed to combat the selling unit being created by the FTX hacker dumping coins but determination is lone truthful overmuch they tin do. During a crypto wintertime specified arsenic the 1 presently being experienced, prices of cryptocurrencies are already down, making them much susceptible to further declines.
If the FTX hacker were to dump each 180,000 remaining tokens connected the market, past determination is not capable request to soak it up astatine this time. The enactment astatine $1,000 is already weakened and would marque for casual pickings for bears arsenic well.
Alternatively, the hacker could halt selling coins to hold for a terms betterment which would springiness the marketplace immoderate clip to really find its footing. But sentiment successful the abstraction is already dropping and investors person retreated into their shells erstwhile much arsenic the Fear & Greed Index points toward utmost fear.
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