Ether Price Drops 8.2% to $2,518 Amid Whale Accumulation
Ethereum (ETH) experienced a flash crash, dropping below the $2,600 support level to around $2,518. This decline resulted in an 8.2% loss in price over 24 hours and reduced its market capitalization by over $28 billion.
Key points:
- Liquidations occurred on Binance, particularly between $2,650 and $2,430.
- Whales began buying during the downturn; one entity linked to ConsenSys acquired 2,825 ETH ($7.48 million) shortly after the crash.
- This entity accumulated a total of 160,736 ETH ($421 million) in two weeks at an average cost of ~$2,620.
- Another whale bought 48,825 ETH ($127 million) at around $2,600, already earning $30 million from prior trades.
- Despite the drop, analysts suggest ETH may be consolidating within a parallel channel formed since May.
- A potential rally to $4,000 is predicted if ETH regains key resistance zones.
The RSI shows neutral momentum with slight bearish tilt post-drop. Further downside is possible if selling pressure continues. A recovery above $2,600–$2,750 would indicate renewed strength, with resistance at $2,900. Bollinger Bands signal increased bearish momentum, with a close below $2,401 suggesting a potential drop to $2,250.
ETH price chart with RSI and Bollinger Bands. Source: Trading View