ETH hit a sharp rebound after its fall to $950 today, June 13. If the market should hold itself for the bears, it is likely the ETH may hit this value again.
On Uniswap, a decentralized crypto exchange, ETH fell to $950 which is about 20% lower than its dip on other crypto exchanges. So why did it fall so much lower?
It turns out that over 130 million in ETH was sold over the course of 6 hours after a whale withdrew 65,000 ETH for a series of stablecoins: USDC, ESDT, and DAI.
Evidence suggests that the whale sold this hefty amount of assets to pay off a $73 million debt to Oasis.app, a loan platform that supports DeFi.
However, the borrower continued on with the selling spree dumping another 28,000 ETH in order to pay a $32 million debt.
Around 92,000 ETH were dumped in 6 hours, totalling around $112 million for the day’s price on June 13.
Nonetheless, the $950 dip was brief which indicated a sufficient level of demand. However, analysis from trader Peter Brandt hinted at the potential for ETH to fall towards $650 in the coming weeks. The continuation of a classic pattern indicating a bearish market will last in the near future, “the descending triangle,” is the cause of the bearish outlook.
Brandt suggested that ETH met the triangle’s first downside at $1,268 with its 20% decline today, June 13th. The oversold RSI may lead to a sharper price reversal. If it goes for an upside retracement, the interim bull target may reach $1,450.