Even after the welcomed recovery on August 6, Ethereum is under immense selling pressure today, August 7. Despite gains earlier today, losses saw the coin edge lower, as visible in the daily chart. The daily chart rejected the coin at around the $3,500 resistance level. At this pace, Ethereum could continue plummeting if bears step on, mirroring losses of the first half of the week. Jump Trading Liquidating Ethereum: Will Prices Drop Below $2,000? Multiple factors at play explain the recent weakness. As it is, the coin could drop even lower, targeting the $2,000 support line. With the general crypto community cautious, Jump Trading, a crypto market marketing firm, has been dumping ETH incessantly over the past few trading days. Related Reading: Bitcoin Bull Run Still Intact? Here’s What On-Chain Data Says According to Lookonchain data, Jump Trading claimed 11,501 ETH worth over $29 million from the liquidity staking platform Lido Finance. The blockchain analytics platform said the block of ETH is set for sale. Jump Trading, currently being investigated by the United States Commodity Futures Trading Commission (CFTC), also plans to ..
Support the originator by clicking the read the rest link below.
