• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M

Impact of Recent Events on Ethereum Price

user avatar

by Giorgi Kostiuk

a year ago


The recent events in the cryptocurrency market have had a significant impact on the price of Ethereum, leading to a sharp decline in value. Ethereum, one of the major altcoins, faced a drastic drop below the crucial $3,000 mark, signaling a bearish trend in the market. The market collapse was triggered by the release of substantial payouts from the 2014 Mt. Gox Bitcoin security breach, introducing a surge in supply pressure across various cryptocurrencies including altcoins, meme coins, and AI tokens. The influx of such a large supply overwhelmed the market demand, causing a domino effect on the prices of major cryptocurrencies, including Ethereum.

The Ethereum price performance took a hit as it struggled to find support amidst the ongoing market crash. The downward trend was exacerbated by the release of a whale's significant holdings, resulting in a strategic maneuver to capitalize on the price dip. This move further intensified the selling pressure on Ethereum, pushing its price below key support levels.

The bearish patterns and signals dominating the Ethereum price chart indicated a bloodbath, with a substantial drop of 16.42% in a week. The market sentiment was reflected in the bearish formations, such as the evening star pattern, suggesting a retest at $3,460. As Ethereum breached the long-standing support trendline with a 16% decline over four days, the broader cryptocurrency market also witnessed a downturn, with notable coins like Solana, DOGE, and SHIB experiencing significant losses.

The whale activity added to the downward pressure on Ethereum's price, with a whale selling a large amount of ETH to repay debt and subsequently borrowing USDT to purchase ETH at a lower price. This strategic move aimed to take advantage of the price drop, showcasing the impact of large transactions on cryptocurrency prices.

The market instability raised concerns among Ethereum whales, as some rushed to repay debts and avoid liquidations by depositing significant amounts of ETH on exchanges. This frantic activity highlighted the vulnerabilities of major ETH holders and underscored the potential risks to the overall stability of the crypto market.

As Ethereum faces the possibility of hitting the $2,616 level, the formation of a triple black crow pattern in the daily chart suggests a high likelihood of further downside. The current price of Ethereum hovering around $2,866 indicates a bearish outlook, with a potential extended crash looming. A break below the $2,875 support level could trigger a 10% additional drop, pushing Ethereum towards the $2,616 mark.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

Other news

Crypto Industry: Capitalization Growth and Price Increases for Bitcoin and Ethereum

chest

The crypto industry shows positive changes, with capitalization and leading asset prices rising. Learn more about the current trends.

user avatarGiorgi Kostiuk

Crypto Market Reacts to Whale's $4 Million Short Position on PUMP

chest

A crypto whale has opened a $4 million short position on Hyperliquid, potentially impacting PUMP's price.

user avatarGiorgi Kostiuk

Pentagon's Investment in MP Materials: A New Era in Rare Earth Element Production

chest

The Pentagon will acquire a 15% stake in MP Materials and open a magnet manufacturing plant in the US.

user avatarGiorgi Kostiuk

ETH Traders Remain Cautious Despite Price Rally and ETF Inflows

chest

Skepticism about ETH's future remains, despite price rallies and ETF inflows. Layer-2 growth has not increased ETH demand.

user avatarGiorgi Kostiuk

Bhutan Outperforms Germany in Bitcoin Sales with Better Timing

chest

Bhutan earned $188.65 million on Bitcoin sales, strategically choosing timing, while Germany missed out on $2.67 billion.

user avatarGiorgi Kostiuk

Crypto ETFs: Record Inflows for Bitcoin and Ethereum

chest

Bitcoin and Ethereum ETFs saw $409 million in inflows last week, boosting total assets under management to $148.82 billion.

user avatarGiorgi Kostiuk
dapp expert logo
© 2020-2025. DappExpert. All rights reserved.
© 2020-2025. DappExpert. All rights reserved.

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.