{"id":36763,"date":"2024-08-27T18:02:20","date_gmt":"2024-08-27T18:02:20","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/ethereum-falls-below-2-6k-as-whales-dump-eth\/"},"modified":"2024-08-27T18:02:20","modified_gmt":"2024-08-27T18:02:20","slug":"ethereum-falls-below-2-6k-as-whales-dump-eth","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/ethereum-falls-below-2-6k-as-whales-dump-eth\/","title":{"rendered":"Ethereum falls below $2.6k as whales dump ETH"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/05-Whale-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/05-Whale-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/05-Whale-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2022\/11\/05-Whale-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Ethereum is down more than 5% in the past 24 hours to trade below $2,600 as altcoins show weakness.<\/li>\n<li>The top altcoin\u2019s dip to lows of $2,560 on Tuesday however comes amid massive whale activity, most of which has happened in the last few hours.<\/li>\n<\/ul>\n<h2>Whales dump Ethereum<\/h2>\n<p>On August 27, 2024, <a href=\"https:\/\/coinjournal.net\/news\/tag\/ethereum\/\">Ethereum<\/a> co-founder Vitalik Buterin sent 199.9 ETH worth over $517,000 to a multi-signature wallet. Details suggest a donation to ethos, a project that says its building an Ethereum mobile operating system.<\/p>\n<p>While notable, this transfer pales in comparison to some of the largest whale movements seen in the past 24 hours.<\/p>\n<p>Earlier in the day, Lookonchain pointed out a potential $49 million dump by a whale who had moved 19,000 ETH to Coinbase. The whale initially requested to transfer over 30,000 stETH \u2013 the staked ETH token, with this withdrawals amounting to over $78.67 million at the time.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">A whale is selling 19,000 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($49.17M)!<\/p>\n<p>This whale requested a withdrawal of 30,007 <a href=\"https:\/\/twitter.com\/search?q=%24stETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$stETH<\/a>($78.67M) 4 days ago and claimed 19,000 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($49.17M) 30 minutes ago.<\/p>\n<p>And the whale is depositing the 19,000 <a href=\"https:\/\/twitter.com\/search?q=%24ETH&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$ETH<\/a>($49.17M) to <a href=\"https:\/\/twitter.com\/hashtag\/Coinbase?src=hash&amp;ref_src=twsrc%5Etfw\">#Coinbase<\/a> to sell!<a href=\"https:\/\/t.co\/bujNxac1Kf\">https:\/\/t.co\/bujNxac1Kf<\/a> <a href=\"https:\/\/t.co\/ndB9Ow5hxM\">pic.twitter.com\/ndB9Ow5hxM<\/a><\/p>\n<p>\u2014 Lookonchain (@lookonchain) <a href=\"https:\/\/twitter.com\/lookonchain\/status\/1828456724879286594?ref_src=twsrc%5Etfw\">August 27, 2024<\/a><\/p>\n<\/blockquote>\n<p>Lookonchain has also <a href=\"https:\/\/x.com\/lookonchain\/status\/1828463496591560942\" target=\"_blank\" rel=\"noopener\">highlighted<\/a> another whale who has exchanged more than 4,591 stETH for 4,589 ETH, taking a 2.3 ETH loss just to have the tokens available immediately for sale. On-chain data shows the whale address has deposited 5,145 ETH tokens to Binance. This deposit and potential sale was worth over $13.3 million at the time of the transfer.<\/p>\n<h2>ETH whale dumps altcoin to avoid liquidation<\/h2>\n<p>But that\u2019s not all. Two whales also sold 8,208 ETH worth over $21.5 million as the Ethereum price hovered at $2,630. According to on-chain analysis, the whales moved to dump their Ether for funds to repay debts on decentralized lending protocol Aave. The whales sold to \u201cavoid being liquidated\u201d, Lookonchain <a href=\"https:\/\/x.com\/lookonchain\/status\/1828452873916817506\" target=\"_blank\" rel=\"noopener\">noted<\/a>.<\/p>\n<p>Whale dumping has also happened at a loss in the past 24 hours, with one large holder selling 5,088 ETH for $13.58 million. The whale made a loss of $3.66 million after having moved the coins off Binance in March and April this year, with the value of the holdings at around $17.24 million.<\/p>\n<p>In total, whales have dumped over $96 million worth of ETH in the past 24 hours.<\/p>\n<h2>Ethereum price falls below $2.6k<\/h2>\n<p>The price of Ethereum rose to highs of $2,808 on August 24, riding a bullish flip that also saw Bitcoin (BTC) break above $64,900.<\/p>\n<figure id=\"attachment_222630\" aria-describedby=\"caption-attachment-222630\" class=\"wp-caption alignnone\"><img loading=\"lazy\" fetchpriority=\"high\" decoding=\"async\" class=\"wp-image-222630 size-full\" src=\"https:\/\/coinjournal.net\/wp-content\/uploads\/2024\/08\/ethereum-price-chart.png\" alt=\"\" width=\"1057\" height=\"545\"\/><figcaption id=\"caption-attachment-222630\" class=\"wp-caption-text\">Ethereum price chart. Source: <a href=\"https:\/\/www.tradingview.com\/symbols\/ETHUSD\/\" target=\"_blank\" rel=\"noopener\">TradingView<\/a><\/figcaption><\/figure>\n<p>However, ETH has seen a downturn that currently has price hovering below $2,600. Indeed, the leading cryptocurrency fell to lows of $2,558 on Coinbase, with the RSI and MACD on the daily chart suggesting bears have the upper hand.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/ethereum-falls-below-2-6k-as-whales-dump-eth\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Crypto News, Altcoin News and Cryptocurrency Comparison ) Ethereum is down more than 5% in the past 24 hours to trade below $2,600 as altcoins show weakness. The top altcoin\u2019s dip to lows of $2,560 on Tuesday however comes amid massive whale activity, most of which has happened in [&hellip;]<\/p>\n","protected":false},"author":13,"featured_media":36764,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36763"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=36763"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/36763\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/36764"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=36763"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=36763"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=36763"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}