The cryptocurrency market is experiencing volatile times: Ethereum's price has dipped, marking its worst month in years.
Critical Price Drop
Ethereum experienced a drastic price drop of over 10% in the last 24 hours. Historically, February has been a positive month for ETH, with only one exception in 2018. This year, Ethereum’s price has already decreased by 23%. The Bybit hack resulted in a $1.5 billion loss from the market, which also contributed to the price decline.
ETH Liquidation Cascade
The market situation remains unstable: Ethereum's price could reach levels that trigger liquidation of positions on MakerDAO, leading to further market decline. The first liquidation point will hit at $1,906, with a total liquidation amount exceeding $300 million.
Whales Loading Up
Despite the negative market conditions, some investors remain optimistic. Crypto whales continue to accumulate ETH, as evidenced by the increasing number of large wallets. This indicates confidence in market recovery and price stabilization for Ethereum.
Ethereum’s market remains under pressure, but major investors see potential in this investment opportunity.
