We may be seeing the biggest ETH bloodbath in history if the ETH news show more losses soon. So far, Ethereum lost 31% and is now trading at $136 which makes it one of the biggest losers this month.
According to research, the nauseating fall of the largest altcoin was fuelled by the biggest ETH whales who dumped their coins recently. As a reminder, ETH climbed to a high of $280 before the bears got in the driver’s seat.
Despite the downturn, reports showed that top Ethereum holders were accumulating the crypto asset. The observation was made by the analytics firm Santiment sometime last week and the trend meant that the whales were bullish about the price of ETH in the short term.
The top 100 holders of #Ethereum are once again beginning to accumulate higher percentages of the total token supply, in spite of the ongoing consolidation that has been occurring for the past couple of weeks. Generally, when this kind of accumulation starts to mount, it's a pic.twitter.com/Rr5C8vuE97
— Santiment (@santimentfeed) March 4, 2020
Ethereum lost 31% so far and there are no positive signs for the coin as long as it is free falling. It now appears that whales have changed course and the researchers note that the top 100 ETH holders which were accumulating last week begun dumping their ETH stashes on the market almost immediately. As such, ETH has now lost more than Bitcoin in the last seven days.
As Ethereum lost 31%, the latest altcoin news show that many alts are dependant on the coin and its price. Ripple also lost around 22% overnight, while Bitcoin Cash (BCH) and Bitcoin SV (BSV) were among the biggest losers in the top 10, losing 29% and 34%, respectively. Tezos (XTZ) has also eliminated all of its gains this month and fell by 38% to a new price of $1.58.
The report published by Santiment shows that the real reason why Ethereum lost 31% were the 400,000 ETH which were dumped over the last 5-day period. On a five-day scale, the losses are more than 40% and the whale movements were the main triggers of the market-wide correction occurring on March 8 and 9.
The big question now is – will the ETH price continue to fall?
According to the analyst Crypto Michael, losing support at $195 could lead to ETH revisiting $170 in the near term. ETH is now hovering at around $173 at the time of publication which shows that we can expect further losses in the near term. Still, even though technical indicators suggest that ETH could see more downsides, the fundamentals are not that bad – the total value locked in DeFi now stands at $880 million as reports from DeFi Pulse show.
On the edge here. Losing $195 and we'll see $170-180 (which is a significant zone for me).
So far, not even a slight reaction towards $212-216. pic.twitter.com/VqdgCMIDqu
— Crypto Michaël (@CryptoMichNL) March 11, 2020
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