Cryptocurrency lost $ 2.15 million amid Ethereum’s fall

The recent sharp decline in the crypto market forced one of the largest holders of Ethereum ETH $3,310.09 Bridged Ether (StarkGate) -2.46% Market capitalization $75.94 million VOL. 24 hours $2.04 billion to sell its assets at a significant loss. According to the Arkham analytical platform, the owner of the wallet «0x1b57» transferred 5,570 ETH — approximately $ 19.56 million — to Binance in three transactions (2,070, 2,000, and 1,500 ETH). The tokens were purchased only five days ago in an attempt to «buy on a dip,» but the subsequent market decline forced the investor to capitulate.

The total loss from the sale was estimated at about $ 2.15 million, which demonstrates how quickly market volatility can turn even large investments into unprofitable ones. Massive transactions of such «whales» often exacerbate price fluctuations, especially in times of low liquidity and panic selling.

At the time of publication, Ethereum was trading at $ 3,321, which means a 5% drop over the day and 17.6% over the week. The token’s market capitalization dropped to $ 400.8 billion, while the daily trading volume exceeded $ 80 billion. Technically, ETH’s price broke through the 50-day simple moving average ($ 4,094), confirming the short-term bearish trend. Analysts believe that the next important support level is the 200-day SMA near $ 3,316.

The Relative Strength Index (RSI) dropped to 31, indicating that the bullion is approaching an oversold zone. Despite this, the MACD indicator is showing signs of potential convergence, which could signal a short-term recovery if buyers return.

In general, the market remains vulnerable due to massive liquidation of positions and general investor caution. Experts note that if Ethereum fails to stay above $ 3,300, the next wave of correction could bring its value down to $ 3,000.