In a mysterious move earlier today, ETH price has dropped over 5% and fell below the key support of $2,000 while other leading crypto assets remain trading within the daily range. This sudden dump in ETH has sparked buzz in the community with people discussing potential factors behind this unusual price action.
While people debate on one of the notable news story where the U.S. government moved 884 ETH yesterday, the scope of this transaction reveals no interest as the drop in ETH price has occurred 13 hours.
At the time of writing, ETH is trading at $1,916 – down 5.32% in the past 24 hours. Meanwhile the 24 hour trading volume for ETH has spiked nearly 9% as it attempts to recover from the sudden dip.
This move has left a huge impact in markets as it leads ETH to become top crypto asset in the 24 hour liquidation list. Market data shows that more than $92 million of long and short traders on ETH are liquidated, while most losing on long positions.
What’s the Reason Behind this Sudden Drop?
The crypto community is now stressing on what could be the reason behind this sudden drop in ETH price as no other major movements are found in the broader market.
While it was early trading hours in some Asian markets, analysts are aligning it with those sessions as ETH is one of most popular among Asian traders. The quick drop suggests that some big whale or a large institution may have sold their ETH holding on market price, which has driven uncertainty in its market.
ETH has also been one of the most underperforming crypto assets in the past two years and its market movements are often neglected compared to that of Bitcoin, XRP and other leading cryptocurrency.
Also read: Will Ethereum’s Pectra Upgrade Go Live on April 30?
