{"id":404744,"date":"2024-07-06T00:30:49","date_gmt":"2024-07-05T19:00:49","guid":{"rendered":"https:\/\/ambcrypto.com\/?p=404744"},"modified":"2024-07-05T19:35:51","modified_gmt":"2024-07-05T14:05:51","slug":"why-is-ethereum-down-below-3000-today-whales-liquidations-and-more","status":"publish","type":"post","link":"https:\/\/ambcrypto.com\/why-is-ethereum-down-below-3000-today-whales-liquidations-and-more\/","title":{"rendered":"Why is Ethereum down below $3000 today? Whales, liquidations, and more&#8230;"},"content":{"rendered":"<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Mt. Gox has begun repaying creditors who suffered losses when it collapsed in 2014<\/span><\/em><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><em><span style=\"font-weight: 400;\">Ethereum fell to an intraday low of $2,825 and seemed to be on course for 4 consecutive daily red candles, at press time<\/span><\/em><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Bitcoin, the world&#8217;s largest cryptocurrency, crashed to its lowest level since February earlier today as the market reacted to news of activity around a Mt Gox-linked wallet. In fact, such was the scale of the crash that BTC fell below $55,000 on the price charts, down over 9% on the weekly charts.\u00a0<\/span><\/p>\n<p>It wasn&#8217;t alone though, with <a href=\"https:\/\/ambcrypto.com\/category\/ethereum-news\/\" target=\"_blank\" rel=\"noopener\">Ethereum<\/a> taking BTC&#8217;s lead. It recorded worse losses too, with ETH dipping below $3,000 to hit an intraday low of $2,820.<\/p>\n<h2>Whale activity also contributed to the losses<\/h2>\n<p><span style=\"font-weight: 400;\">Ethereum\u2019s freefall also appears to have been<\/span><a href=\"https:\/\/x.com\/lookonchain\/status\/1809108218909765714\"><span style=\"font-weight: 400;\"> exacerbated<\/span><\/a><span style=\"font-weight: 400;\"> by whales selling significant Ethereum (ETH) amounts to repay debts on their sunk bets.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In fact, on-chain data resource LookOnChain revealed that ETH&#8217;s price declines posed liquidation risks to Ethereum whales who longed ETH via Aave and Compound. For instance, the tool tracked an address selling 26,600 ETH to repay a debt on Aave in a<\/span>\u00a0<a href=\"https:\/\/x.com\/lookonchain\/status\/1809049871422533984\"><span style=\"font-weight: 400;\">post<\/span><\/a><span style=\"font-weight: 400;\"> on X.<\/span><\/p>\n<h2>Liquidations<\/h2>\n<p><span style=\"font-weight: 400;\">As expected, Friday&#8217;s market bloodbath resulted in nearly $650 million worth of cryptos, including $537 million in bullish bets, being liquidated in just 24 hours.\u00a0<\/span><\/p>\n<figure id=\"attachment_404746\" aria-describedby=\"caption-attachment-404746\" style=\"width: 1632px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Crypto-liquidation-data-Chart-1.png\"><img decoding=\"async\" class=\"wp-image-404746 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Crypto-liquidation-data-Chart-1.png\" alt=\"\" width=\"1632\" height=\"546\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Crypto-liquidation-data-Chart-1.png 1632w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Crypto-liquidation-data-Chart-1-300x100.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Crypto-liquidation-data-Chart-1-1024x343.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Crypto-liquidation-data-Chart-1-768x257.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Crypto-liquidation-data-Chart-1-1536x514.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Crypto-liquidation-data-Chart-1-1200x401.png 1200w\" sizes=\"(max-width: 1632px) 100vw, 1632px\" \/><\/a><figcaption id=\"caption-attachment-404746\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Over $130 million worth of ETH long positions were forcibly closed in the 24 hours leading to press time too.\u00a0<\/span><\/p>\n<figure id=\"attachment_404747\" aria-describedby=\"caption-attachment-404747\" style=\"width: 1654px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETH-liquidation-data-Chart-2.png\"><img decoding=\"async\" class=\"wp-image-404747 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETH-liquidation-data-Chart-2.png\" alt=\"\" width=\"1654\" height=\"723\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETH-liquidation-data-Chart-2.png 1654w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETH-liquidation-data-Chart-2-300x131.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETH-liquidation-data-Chart-2-1024x448.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETH-liquidation-data-Chart-2-768x336.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETH-liquidation-data-Chart-2-1536x671.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETH-liquidation-data-Chart-2-1200x525.png 1200w\" sizes=\"(max-width: 1654px) 100vw, 1654px\" \/><\/a><figcaption id=\"caption-attachment-404747\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Meanwhile, total ETH Futures open interest (OI) across top exchanges declined by almost 12% over the aforementioned period too &#8211; A sign of funds exiting the market.<\/span><\/p>\n<figure id=\"attachment_404748\" aria-describedby=\"caption-attachment-404748\" style=\"width: 1644px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Total-ETH-Open-Interest-OI-chart.png\"><img decoding=\"async\" class=\"wp-image-404748 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Total-ETH-Open-Interest-OI-chart.png\" alt=\"\" width=\"1644\" height=\"1082\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Total-ETH-Open-Interest-OI-chart.png 1644w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Total-ETH-Open-Interest-OI-chart-300x197.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Total-ETH-Open-Interest-OI-chart-1024x674.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Total-ETH-Open-Interest-OI-chart-768x505.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Total-ETH-Open-Interest-OI-chart-1536x1011.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Total-ETH-Open-Interest-OI-chart-1200x790.png 1200w\" sizes=\"(max-width: 1644px) 100vw, 1644px\" \/><\/a><figcaption id=\"caption-attachment-404748\" class=\"wp-caption-text\">Source: Coinglass<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">Finally, Ethereum&#8217;s CME OI fell by 7.59% too, confirming bearish investor sentiment across the board.<\/span><\/p>\n<h2>ETH\/USDT technical analysis<\/h2>\n<p><span style=\"font-weight: 400;\">ETH\/USDT losses, now extending to a fourth day, have piled pressure on the pair. Owing to the same, the pair breached key support levels at the height of the slump. ETH&#8217;s price slipped below the 50-, 100-, and 200-simple moving averages on the daily chart.<\/span><\/p>\n<figure id=\"attachment_404749\" aria-describedby=\"caption-attachment-404749\" style=\"width: 1563px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-trending-below-MAs-on-daily-chart.png\"><img decoding=\"async\" class=\"wp-image-404749 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-trending-below-MAs-on-daily-chart.png\" alt=\"\" width=\"1563\" height=\"977\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-trending-below-MAs-on-daily-chart.png 1563w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-trending-below-MAs-on-daily-chart-300x188.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-trending-below-MAs-on-daily-chart-1024x640.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-trending-below-MAs-on-daily-chart-768x480.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-trending-below-MAs-on-daily-chart-1536x960.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-trending-below-MAs-on-daily-chart-1200x750.png 1200w\" sizes=\"(max-width: 1563px) 100vw, 1563px\" \/><\/a><figcaption id=\"caption-attachment-404749\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The last time ETH\/USDT fell below all three trend lines on the daily timeframe was in August 2023. At the time, the crypto market saw losses occasioned by reports of Elon Musk&#8217;s SpaceX selling its Bitcoin holdings.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">ETH was last spotted at $2,920, ranging 40% below its all-time high, according to CoinMarketCap. <a href=\"https:\/\/ambcrypto.com\/predictions\/ethereum-price-prediction\" target=\"_blank\" rel=\"noopener\">Ethereum&#8217;s subdued performance<\/a> this week has strengthened a bearish outlook in the short term too.\u00a0<\/span><\/p>\n<figure id=\"attachment_404750\" aria-describedby=\"caption-attachment-404750\" style=\"width: 1563px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-resistance-zones.png\"><img decoding=\"async\" class=\"wp-image-404750 size-full\" src=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-resistance-zones.png\" alt=\"\" width=\"1563\" height=\"977\" srcset=\"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-resistance-zones.png 1563w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-resistance-zones-300x188.png 300w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-resistance-zones-1024x640.png 1024w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-resistance-zones-768x480.png 768w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-resistance-zones-1536x960.png 1536w, https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/ETHUSDT-resistance-zones-1200x750.png 1200w\" sizes=\"(max-width: 1563px) 100vw, 1563px\" \/><\/a><figcaption id=\"caption-attachment-404750\" class=\"wp-caption-text\">Source: TradingView<\/figcaption><\/figure>\n<p><span style=\"font-weight: 400;\">The ETH\/USDT pair is now positioned to face resistance around the $3,200-level, which it previously contended between mid-April and mid-June.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The last 48 hours haven&#8217;t been great for Ethereum&#8217;s price action. Is there a reason why?<\/p>\n","protected":false},"author":96,"featured_media":404751,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"footnotes":""},"categories":[35,32,66,3,4,20],"tags":[6427,6425],"class_list":["post-404744","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin-news","category-ethereum-news","category-new-news","category-news","category-social","category-trading-view","tag-ambcrypto","tag-featured"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Why is Ethereum down below $3000 today? Whales, liquidations, and more... - AMBCrypto<\/title>\n<meta name=\"description\" content=\"Ethereum took Bitcoin&#039;s lead down the charts as the market flashed red over the last 48 hours. 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Whales, liquidations, and more..."},{"@type":"WebSite","@id":"https:\/\/ambcrypto.com\/#website","url":"https:\/\/ambcrypto.com\/","name":"AMBCrypto","description":"Stay Ahead!","publisher":{"@id":"https:\/\/ambcrypto.com\/#organization"},"alternateName":"AMBCrypto News","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ambcrypto.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ambcrypto.com\/#organization","name":"AMBCrypto","alternateName":"AMBCrypto News","url":"https:\/\/ambcrypto.com\/","logo":{"@type":"ImageObject","@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2026\/04\/amb-wide.jpg","width":600,"height":60,"caption":"AMBCrypto"},"image":{"@id":"https:\/\/ambcrypto.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/cryptoamb","https:\/\/x.com\/CryptoAmb","https:\/\/www.linkedin.com\/company\/13629485\/"]},{"@type":"Person","@id":"https:\/\/ambcrypto.com\/#\/schema\/person\/e867066ca9d609310baa90aed1fe838b","name":"Sam Grant","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Sam-Grant-Profile-Picture-100x100.jpg","url":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Sam-Grant-Profile-Picture-100x100.jpg","contentUrl":"https:\/\/ambcrypto.com\/wp-content\/uploads\/2024\/07\/Sam-Grant-Profile-Picture-100x100.jpg","caption":"Sam Grant"},"description":"Sam is a blockchain research analyst and crypto data journalist with over four years of experience delivering technical content about alternative finance instruments. 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