(CTN News) – Ether (ETH), the native token of Ethereum Price, fell to as low as $950 this June 13 on Uniswap, a decentralized crypto exchange, about 20% lower than its spot rate on other exchanges.
Over $130M Ethereum sold in six hours
An incident occurred at 3:00 am UTC after a whale dumped 65,000 Ethereum for multiple “stablecoins,” including USD Coin (USDC), Tether (USDT), and Dai (DAI).
According to evidence found on the whale’s website, the whale sold its ETH holdings to pay off debt at Oasis.app, a DeFi lending platform, worth $73 million. During the liquidation, the liquidation price of ETH dropped from $1,200 to $875.
i think so
— DCF GOD (@dcfgod) June 13, 2022
Five hours after the first selloff, the Oasis borrower dumped an additional 28,000 ETH to repay a further $32 million in debt. In this case, the liquidation price rose from $892 to $1200, as shown below.
As a result, the whale dumped approximately 93,000 ETH within six hours. ETH/USD’s price of $112 million on June 13 equals about $112 million.
Accordingly, the outstanding debt of the Oasis borrower was about $120 million (measured in DAI stablecoin), indicating that the whale suffered heavy “slippage” losses.
on $134m of liquidity too https://t.co/UvbDqSP6Hu
— Chairman Birb Bernanke 🌿 (@Bonecondor) June 13, 2022
Ethereum Price eyes $667 — veteran analyst
Ether’s trip to $950 was brief, indicating sufficient demand for the tokens near the level. Even so, Ethereum’s price could fall toward $650 in the coming weeks, according to a separate analysis by veteran trader Peter Brandt.
Brandt’s bearish outlook emerged out of a classic continuation pattern, referred to as a “descending triangle,” which resolves after the price breaks out in the direction of the previous trend.
Ether’s path of least resistance was to the downside since it fell before the triangle formed.
On June 13, Brandt reported that Ethereum had reached the triangle’s first downside target of $1,268 as the price declined 20%. He expects the decline to continue, with ETH dropping by almost 50% to $667.
Despite this, Ether’s oversold relative strength index (RSI) could lead to a sharp price reversal. Additional rebound cues come from Ethereum’s 200-week simple moving average (200-week SMA; the orange wave in the chart below), now serving as support.
Accordingly, Ethereum Price’s interim bull target could be near $1,450, coinciding with the 1.00 Fibonacci retracement line drawn from the swing high of $1,450 to the swing low of $84.