The post Here’s Why Ethereum Price Is Falling Today appeared on BitcoinEthereumNews.com.

A day after the successful launch of the spot Ethereum ETF, the Ethereum price has come under strong selling pressure cracking over 8% and tanking all the way to $3,150 levels. This has resulted in strong liquidation of the long positions of Ethereum in the last 24 hours. Ethereum Liquidations Skyrocket As per the data from Coinglass, the total Ethereum liquidations have surged past that of Bitcoin in the last 24 hours. The data shows that Ethereum liquidations currently stand at $97.8 million while Bitcoin liquidations are comparatively at $80.9 million. Of the total ETH liquidations, $94.4 million have been the long liquidations with only 43.3 million in short liquidations. Interestingly, most of these liquidations have come in the past 4 hours with the Ethereum price facing huge selling pressure. It seems that the approval of the spot Ethereum ETF has actually turned out to be a sell-the-news event similar to what we saw in the case of Bitcoin earlier this year in January. With the ETH price running up to $3,500 in July, investors seem to be finally cashing out the euphoria surrounding the ETF approval. Also Read: Hashdex Files S-1 For Combined Spot Bitcoin and Ethereum ETF Furthermore, on-chain data shows that a giant Ethereum whale has been offloading its coins on Wednesday, July 24. As per the data from Spot on Chain, a giant Ethereum whale minted $173 million in profit from ETH, while depositing 10,000 ETH on Kraken worth $34.2 million, just before the Ethereum price drop. This whale had reportedly withdrawn 96,639 ETH from Coinbase from Coinbase at $1,580 in September 2022. Since March this year, the whale has moved nearly 40,000 ETH to Kraken. The whale still holds a remaining balance of 56,639 ETH valued at $188 million at the current ETH price. A…

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Filed under: News - @ July 25, 2024 1:14 pm