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The post <a href="https://coinpedia.org/price-analysis/ethereums-bloodbath-hits-2900-with-8-88-downside-risk-this-weekend/" rel="noopener noreferrer nofollow">Ethereum’s Bloodbath Hits $2900 With 8.88% Downside Risk This Weekend</a> appeared first on <a href="https://coinpedia.org" rel="noopener noreferrer nofollow">Coinpedia Fintech News</a>
Ethereum price fall breaks under crucial supports and the $3,000 mark as the crypto market collapses. Will the downfall hit $2,600 this Sunday?
With a bullish end last Sunday and a 1.75% jump, Ethereum holders did not expect a crash this week. However, with the release of the Mt. Gox Bitcoin payout, the crypto market crashes to crucial levels.&nbsp;
The release of huge payouts from the 2014 security of Mt.Gox has increased the supply pressure in the broader market. With such a huge supply coming into the market, the demand for all the major altcoins, meme coins, AI tokens, etc., crumbles away.&nbsp;
While buyers struggle to absorb the incoming sell pressure, the biggest altcoin, Ethereum, dips under the $3,000 milestone. So, will the <a href="https://coinpedia.org/price-prediction/market-price-prediction-ethereum-2019/" rel="noopener noreferrer nofollow">Ethereum price prediction</a> of reaching $10,000 be true, or will this crash lead to a revised market prediction?&nbsp;&nbsp;
<h2 class="wp-block-heading" id="h-ethereum-price-performance">Ethereum Price Performance</h2>
Witnessing a landslide moment, the Ethereum price fall struggles to find an area of support in this market crash. As the HODLers continue to expect a halt shortly, the ETH price breaks under the $3,000 mark.&nbsp;
<figure class="wp-block-image"><img decoding="async" src="https://lh7-us.googleusercontent.com/docsz/AD_4nXd70lhQGdysbXNTvCyQoLObGO7HVKYfd9y9_iICCm275KItU-HMJXC-eeHP63mmWt6JoBql9q1Kbtq8AWVpyHY8xTNYBRJhxuYwGSCm6ByAviksKEyPy2odWkrZh7ACK94DhnBnKrPf0O_GNuGdmTvNAnI?key=vVePi6dbTCSZImHqeqxgqA" alt="">
</figure>
<a href="https://www.tradingview.com/x/NWjsBM3V/" rel="noopener noreferrer nofollow">Tradingview</a>
With a 16.42% drop this week, the bearish patterns and signals overwhelm the Ethereum price chart. The overpowered bears begin the bloodbath with the evening star formation for a range breakdown retest at $3,460.&nbsp;
With a 16% drop in 4 days, including the 6% intraday fall, the ETH price breaks under the long-coming support trendline. Amidst the fall, major altcoins and meme coins like the Solana, DOGE, SHIB, etc., witnessed a 15% or more downfall this week.&nbsp;
With increased momentum, the trendline breakout plunges Ethereum to the next support level of $2,875. Further, the downfall ignites a bearish phase in the MACD and signal lines under the zero line.
<h2 class="wp-block-heading" id="h-whale-activity-triggers-ethereum-price-drop-and-strategic-maneuver">Whale Activity Triggers Ethereum Price Drop and Strategic Maneuver</h2>
A whale recently caused a stir in the crypto market by dumping 26,600 ETH ($82.5 million) at $3,102 to repay debt on Aave, resulting in a 3.4% drop in Ethereum’s price. Following this, the whale created a new wallet and borrowed 80.9 million USDT from Aave to purchase 26,235 ETH at the lower price of $3,084. This strategic move aims to capitalize on the price dip.
The whale’s current health rate is 1.9, with a liquidation price of $1,625, indicating a calculated risk in leveraging this substantial position.
Addresses involved:
<ul>
 <li>0x931433324e6b0b5b04e3460ef3fb3f78dda3c721</li>
 <li>0xa339d279e0a3a9ede11eceac2ec9529eebdae12c</li>
</ul>
Further, many Ethereum whales are on the brink of facing liquidations of ETH deposited in the Aave and Compound. In the past two hours, three whales deposited a total of 28,558 ETH ($82.2 million) to Binance and sold to repay debt.
Whale Addresses:
<ul>
 <li><a href="https://etherscan.io/address/0xab92fca834aac2afe16cf6a2fc60cc7a864a77a5" rel="noopener noreferrer nofollow">0xab92fca834aac2afe16cf6a2fc60cc7a864a77a5</a></li>
 <li><a href="https://etherscan.io/address/0x790c9422839fd93a3a4e31e531f96cc87f397c00" rel="noopener noreferrer nofollow">0x790c9422839fd93a3a4e31e531f96cc87f397c00</a></li>
 <li><a href="https://etherscan.io/address/0x42c8e43048f6ff3586945a1fd23e0bec540dcd07" rel="noopener noreferrer nofollow">0x42c8e43048f6ff3586945a1fd23e0bec540dcd07</a></li>
</ul>
This rush to repay debt and avoid liquidation underscores the mounting pressure on major ETH holders and the broader implications for the crypto market’s stability.
<h2 class="wp-block-heading" id="h-will-eth-hit-2-616">Will $ETH Hit $2,616?</h2>
As the Ethereum price action forms a triple black crow pattern in the daily chart, the chances of downfall are significantly higher. With increasing sell pressure, the stress on the $2,875 grows, signaling a potential breakdown.&nbsp;&nbsp;
Currently, the ETH price trades at $2,866, resulting in a bearish signal for an extended crash. However, a daily closing will improve the signal strength for positional traders.&nbsp;
A break rally could put down Ethereum by an additional 10% drop to hit the $2,616 level.&nbsp;

Ethereum’s Bloodbath Hits $2900 With 8.88% Downside Risk This Weekend

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