Ethereum’s price fell almost 4% today, dropping from an intraday high of $4,554 to near $4,260 after touching $4,700 last week. In the middle of this sharp drop, blockchain tracker Lookonchain reported that a trader identified as 0x8062 panic-sold 2,277 ETH worth $9.57 million at a price of $4,203.
The trader sold quickly due to fear of further losses, and even though the sale suffered heavy on-chain slippage, he still managed to walk away with $4.04 million in profit.
At the same time, other whales were also making transactions that added more uncertainty to the market and pushed Ethereum’s price lower in a fast wave.
Whale wallet 0x89Da closed a massive $93.5 million long position at a $6.6 million loss before quickly re-entering with another ETH long worth $65.6 million.
Another trader who started with just $125,000 four months ago managed to build a position of 66,749 ETH, and after closing, he gained $6.86 million overall.
ETH drops after hitting $4700 mark
Meanwhile, ETH has been dropping after hitting a $4,787 mark on Aug 13. However, looking at the chart via tradingview, the market seems to be in a short retracement.
But based on the overall trend, the market is bullish. However, Relative Strength Index (RSI) is at 60.81 but trending downwards after reaching an overbought position. This suggests that the bears might soon take over from the bulls soon.
At the time of writing this report, Ethereum is trading for $4,329. Trading activity is blowing up, with a 92% surge from the previous day. This results in over $53 billion in trading volume with $522.35 billion in its market valuation.
Also Read: Bhutan Moves $92M in Bitcoin Amid Exchange Speculation
