Ethereum skilled some vital downsides over the weekend. This was triggered by the FTX hacker who at the moment holds tons of of hundreds of ETH and dumped a few of these cash for Bitcoin over the weekend. After offloading round 10,000 ETH, the digital asset had offloaded greater than 7% as numerous traders proceed to trace the pockets.

Extra ache for ETH

Contemplating the market affect and tackle balances of the FTX hacker promoting ETH for BTC, it is no secret that Ethereum is not totally out of the woods simply but. There are numerous eyes on the hacker’s pockets, which comprises greater than 180,000 ETH and is value over $200 million.

Even now, the hacker is dumping much more ETH, placing extra promoting stress on the cryptocurrency. On Monday, the hacker dumped one other 15,000 ETH, which was transformed to BTC, based on on-chain knowledge. Given the promoting sample, it seems to be just like the hacker is making an attempt to transform the stolen crypto into BTC and certain run it by way of a blender later.

Continued promoting by the hacker, who’s now one of many greatest ETH whales, may inflict additional harm on Ethereum’s value. Within the final 24 hours, the value of ETH has already fallen by greater than 7%, making triple-digit value ranges more and more potential for ETH.

ETH falls to $1,100 | Supply: ETHUSD on TradingView.com

Can Ethereum sustain?

Ethereum bulls proceed to battle the promoting stress created by the FTX hacker dumping cash, however there may be solely a lot they’ll do. Throughout a crypto winter just like the one at the moment being skilled, cryptocurrency costs have already fallen, making them extra susceptible to additional declines.

If the FTX hacker have been to market all 180,000 remaining tokens, then there is not sufficient demand at this level to suck them up. The $1,000 assist is already weakened and would even be simple prey for bears.

Alternatively, the hacker may cease promoting cash to attend for a value rally, which might give the market some time to truly take root. However the temper within the room is already collapsing and traders have ducked again into their shells because the Worry & Greed Index is pointing to excessive anxiousness.

Featured picture by MARCA, chart from TradingView.com

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