Key Points
- Ethereum’s price has dropped by over 4% in the last 24 hours, with short positions worth $163 million at risk of liquidation if the price falls below $2,596.
- Ethereum’s co-founder, Vitalik Buterin, has recently transferred a significant amount of ETH to the Kraken cryptocurrency exchange.
Ethereum (ETH) has seen a significant drop in its price, with a decrease of over 4% in the last 24 hours. If the price falls below $2,596, short positions worth nearly $163 million could be liquidated.
The overall cryptocurrency market has also experienced a substantial decline, including Bitcoin (BTC) and Ethereum.
Vitalik Buterin’s ETH Transfer
On the 15th of August, Spot On Chain, an on-chain analytic firm, reported that Vitalik Buterin, co-founder of Ethereum, has moved a considerable amount of ETH to the Kraken cryptocurrency exchange.
Buterin deposited 200 ETH, worth approximately $530,000, to Kraken. This is the first time since 2024 that he has made a deposit to any centralized exchange.
Such deposits by influential figures like Buterin can have a significant impact on the market. However, the purpose of this transfer, whether for donation, staking, or selling, is not specified.
In addition to this, Buterin recently transferred over 3,200 ETH, valued at $8.32 million, to two new multisig wallets, which are potentially for donation.
Ethereum’s Market Performance
At the time of writing, Ethereum was trading around $2,620. Despite the price drop, its Open Interest also decreased by 4%, indicating lower interest from investors and traders.
According to Coinglass, an on-chain analytic firm, Ethereum’s major liquidation levels were nearly $2,596 on the lower side and $2,686 on the higher side. If Ethereum’s price falls to the $2,596 level, almost $163 million worth of short positions could be liquidated. Conversely, if the price rises to the $2,686 level, nearly $240 million worth of long positions could be liquidated.
Veteran trader Peter Brandt has shared a bearish outlook for Ethereum, using technical analysis on both higher and intraday levels. He hinted at a bearish trade with a $1,651 target and $2,961 as a stop-loss. This prediction has gained significant attention from the crypto community during this ongoing bearish market sentiment.
